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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (49807)	5/8/2009 4:32:06 PM
From: elmatador	Respond to of 218131

This is UDS slide. Not € going to the moon. Dollar slides as investors buy up stocks, oil Associated Press, 05.06.09, 04:28 PM EDT The dollar fell against the other major currencies Wednesday as positive news on employment and banks' balance sheets drove investors into stocks, which are seen as riskier than the "safe" dollar. The 16-nation euro rose to $1.3348 in late New York trading from $1.3313 late Tuesday, while the British pound gained to $1.5132 from $1.5070. The dollar also dropped to 98.32 Japanese yen from 98.98 yen. The ADP National Employment Report, which surveys private payrolls from the company's 500,000 clients, said that employment fell by 491,000 last month, less than had been expected by analysts, and a big improvement from the 708,000 jobs lost in March. The ADP report is an indicator that Friday's April report on employment from the Labor Department could come in better than the 620,000 U.S. job losses economists polled by Thomson Reuters expect, said Michael Woolfolk, senior currency strategist at Bank of New York Mellon Corp. Also on Wednesday, more news of the results of the government's "stress tests" on the 19 largest U.S. banks filtered to investors ahead of the official announcement Thursday, helping drive up financial stocks. People who knew about the results of the test said that at least three banks would not need to raise more capital. These people, who asked to remain anonymous, said American Express Co., JPMorgan Chase & Co. and Bank of New York Mellon Corp. would not need to add to reserves. Meanwhile, reports that Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. would be asked by the government to raise additional cash could not tamp out the bank stock rally. The dollar has benefited as investors turned to it as a "safe haven" from tumbling equity and commodity prices. But the S&P 500 this week posted a gain for the year on hopes that the worst of the recession has passed. "Talk of a 'green shoots' recovery continues to gain momentum," Woolfolk said in a note to investors Wednesday. If stocks continue to rise, the euro could shoot over $1.35, he said. In trading Wednesday, the Dow Jones industrials added 1.2 percent to about 8,512, while the S&P 500 gained 1.7 percent to about 920. Currencies in countries whose economies benefit from rising commodities prices also gained, such as the Brazilian real and Australian and Canadian dollars. Brazil and Canada are major oil exporters. On Wednesday, oil prices surged to their highest close in 2009, up $2.50 at $56.34. The dollar tumbled to 1.1670 Canadian dollars Wednesday from 1.1759, and slid to 2.1123 Brazilian reals from 2.1510 late Tuesday. In other late trading Tuesday, the dollar slid to 1.1308 Swiss francs from 1.1343 francs late Monday. Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed