Dean's FXForex News and Rumors for August 27th, 2008
Morgan Stanley Predicts Asian Currencies to Weaken
Morgan Stanley analysts expect most Asian currencies to fall against the dollar as slumping Western economies reduce demand for exports from the region.
Storm Watch in Gulf of Mexico Continues to Push Up Oil Prices
Tropical Storm Gustav - now expected to strengthen to hurricane status - continues to bear down on oil rigs in the Gulf of Mexico. An evacuation plan has been prepared and will be implemented should Gustav continue to threaten oil fields.
Rise in US durable goods orders
An unexpected gain of 1.4% in durable goods orders has ease growth concerns of the US Economy. The figures seem to imply that the credit crisis has not affected capital spending.
U.S. currency mixed on oil, inflation
The disruptive effects that Tropical Storm Gustav might have (specially if its gets upgraded to Hurricane in the following days) and the increasing fears that the Fed might not be able to raise rates due to inflationary pressures have capped the USD advances today.
Pound Drops Versus Euro on Bets Economy Heading for a Recession
The current state of the UK’s housing market might force a rate cut from the country’s central bank as more credit losses are disclosed.
How one bank avoided the meltdown
Out of the world’s largest banks, BNP Paribas has not needed extra capital. Their secret: sticking to retail banking and conservative investments. So far it seems to be working, BNP Paribas has only lost 3.6 Billion on the mortgage crisis dilemma.
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