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FX Overnight Briefing

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nostinkinc   Monday, 10/22/07 12:48:24 AM
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FX Overnight Briefing
Forex Fundamental Analysis Reports | Written by Jyske Bank | Oct 22 07 04:41 GMT |
FX Overnight Briefing
Financial News - US & Far East
US shares sharply lower
JPY gains as stocks fall
Oil fall from record high
G7: World economy sound, but China must move on yuan
Dollar hits record low
Tokyo stocks hit 4-week lows
Today's Main Events
USD FED's Kroszner speaks
American Timezone:
US shares sharply lower

U.S. stocks tumbled the most in two months after earnings reports from banks, manufacturers and industrial companies heightened concern about the health of the financial markets and the economy.

JPY gains as stocks fall

JPY rose the most in six weeks as a decline in global stocks prompted investors to sell higher yielding assets funded by loans in Japan.

Policy makers at the G7 meeting in Washington may press China and Japan to let their currencies strengthen.

Oil fall from record high

The oil price fell, after rising above USD 90 a barrel in New York for the first time, on signs that US supplies are sufficient to meet demand.

Far East Timezone:
World economy sound but China must move on yuan-G7

The world economy is sound, although financial markets may remain ragged for some time, and China must let its currency rise faster to rebalance global growth, finance officials from rich nations said on Friday.

China's currency is 'considerably undervalued' and that country would benefit by letting the yuan's value be set by market forces, the head of the International Monetary Fund said on Sunday.

Dollar sinks, hits record low versus euro after G7

The dollar sank on Monday, hitting a record low versus the euro and other currencies after traders took a tumble in U.S. stocks and the apparent indifference of Group of Seven finance officials to recent dollar weakness as a cue to dump the U.S. currency.

The euro climbed to USD 1.4347 on electronic trading platform EBS in early Asian trade, after G7 officials ended a weekend meeting without offering verbal support for the beleaguered U.S. currency, as expected.

The dollar fell to a six-week low of 113.40 yen, amid growing fears of tough economic times in the United States, a key export market for Japanese firms.

Tokyo stocks hit 4-week lows as Wall Street fell

Japan's Nikkei average fell 3 % on Monday, led down by exporters such as Toyota Motor Corp as the yen hit a six-week high against the faltering dollar amid U.S. economic fears that have hit Wall Street.

The Tokyo market slid from the open, taking the Nikkei and the broader TOPIX index to four-week lows with a broad range of shares sold, before the market gauges recouped some losses.

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