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Friday, September 5, 2008

U.S. Summary on 04092008

Thu Sep 04 18:04:09 2008 EDT

2204 GMT [Dow Jones] U.S. SUMMARY: EUR fell to lowest level of year vs USD after ECB downgraded economic growth forecast for 2009 to as low as 0.6%; in comments after ECB left rates at 4.25%, Trichet noted a slowing in corporate and household demand, added eurozone economy is stuck in "trough." EUR/USD dropped to 1.4316, GBP/USD to 1.7629, its lowest since April 2006. EUR also fell vs JPY, as did GBP. "The overall trend is a selling of European currencies against both the dollar and the yen," says Hidetoshi Yanagihara at Mizuho Corporate Bank in NY. EUR/USD at 1.4320 late vs 1.4504 Wednesday, USD/JPY 107.04 vs 108.13, EUR/JPY 153.27 vs 156.83, GBP/USD 1.7687 vs 1.7768. Sliding commodity, oil prices also helped USD. Datawise, August ISM nonmanufacturing index 50.6 vs 49.5 in July, 49.5 tipped. Weekly jobless claims jumped 15,000 to seasonally adjusted 444,000 vs expected fall of 5,000; ADP jobs estimate showed private-sector jobs fell 33,000 in August vs 30,000 drop tipped.

Comments from Fed's Fisher, Yellen pointed overall to weaker growth, tamer inflation. Stocks slumped after Nordstrom and other retailers posted disappointing August sales, while balance sheet concerns weighed on big banks; DJIA off 344.65 points or 2.99% to 11188.23, biggest one-day drop since June 26 and 3rd-worst percentage drop this year, Nasdaq off 3.2%, Philly semicons off 3.4%. Treasurys shot higher with 2-year +3/32 yielding 2.20% after touching 2.17%, a level last reached in mid-April; 10-year +14/32 at 3.64% yield.October Nymex crude at $107.89/bbl, down $1.46 or 1.3%, on rising USD, flagging demand; Comex December gold off $5 at $803.20/oz.(RXM)

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(END) Dow Jones Newswires

04-09-08 2204GMT

Copyright (c) 2008 Dow Jones & Company, Inc.

090408 22:04 -- GMT

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