| GLOBAL MARKETS-Stocks fall as oil hits $60; yen off vs dollar
NEW YORK, Feb 9 (Reuters) - U.S. stocks fell on Friday after a major global chip maker sparked concerns about weakening consumer demand, and crude oil rose above $60 a barrel for the first time in a month. Meanwhile, the yen fell against the euro for the fourth straight day and against the dollar for the third session in a row, on growing doubts that finance officials at the Group of Seven meeting in Germany this weekend would take any action to stem the Japanese currency's decline. The euro was up 0.2 percent at 158.14 yen (EURJPY=: Quote, Profile, Research), recovering from a short, sharp fall earlier in European trade. The dollar was up 0.5 percent at 121.63 yen (JPY=: Quote, Profile, Research), rising as high as 121.75, according to Reuters data, its highest since Jan.
Asian Stocks Decline On Concerns Of Yen, Higher Zinc Prices; Oil ...
(RTTNews) - The major stock markets in Asia are trading in negative territory on Wednesday. While the drop in prices of zinc in international markets led to the decline in Australian market, concern over possibility of taking steps to halt decline of Japanese Yen against the Euro and the US dollar in the forthcoming G-7 meeting in Europe led exporters in Japan such as Toyota Motor, Honda Motor to decline. However, stocks of oil and oil-related firms were trading in the positive territory after a 5.5% rise in crude oil prices for March futures in New York. New Zealand market opened moderately higher on Wednesday, but fell soon afterwards in the early trading. The fall was mainly due to the steep drop by Telecom shares. The benchmark NZX-50 index was up 3.38 points or 0.08% at 4131.41 shortly after the market opened.
Currencies: Yen rallies after hitting a fresh low against euro
NEW YORK: The yen had its biggest gain in two weeks against the euro Wednesday, rebounding from a record low, as a German official said the Japanese currency's decline might be a topic of discussion during next month's Group of Seven meeting. The currency's "lasting weakness is a cause for concern," Bernd Pfaffenbach, a deputy German economy minister, said in an interview Wednesday at the World Economic Forum in Davos, Switzerland. Traders started driving the yen higher in New York early Wednesday after Reuters reported that European governments want the G-7 to strengthen its criticism of the currency's decline. "Europe would like to see a stronger message on the yen and people have started to bail out" of wagers on euro gains versus the yen, said C.J. Gavsie, managing director for currency trading at BMO Capital Markets in Toronto.
Australia's Dollar Rises After Holding Above Key Chart Level
Feb. 7 (Bloomberg) -- The Australian dollar rose after it held above a key level on charts traders watch to predict price movements. Fibonacci levels used by traders to indicate price trends show 77 cents as an important technical point based on the currency's range over the last six months. The Australian dollar has held above this level every day except one since Jan. 25, after a two-day 2.5 percent drop on a report showing consumer prices declined for the first time in almost eight years. ``The Australian dollar has found a technical base since the sell-off after the consumer price,'' said Tony Morriss, currency strategist at Australia & New Zealand Banking Group Ltd. in Sydney. ``The fact that we've found such good support around the 77 cents has turned the focus to the upside.'' The Australian dollar bought 77.83 U.S.
Australian Dollar May Increase as Report to Show Jobs Growth
Feb. 8 (Bloomberg) -- The Australian dollar may gain a fifth day on speculation a government report will show a third month of jobs growth, adding wage pressures to the economy and suggesting the central bank needs to raise interest rates to slow inflation. Employers probably added workers in January and the jobless rate will be unchanged at 4.6 percent, the lowest since may 1976, according to economists surveyed by Bloomberg News. The central bank raised interest rates three times to 6.25 percent in 2006 to stem inflation. The currency has fallen 1.3 percent this year after consumer prices fell for the first time in almost eight years. ``Stronger than expected numbers are going to give the Australian dollar a boost,'' said Meg Browne, senior currency strategist at Brown Brothers Harriman & Co.
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