Reuters: US Dollar Report: GLOBAL MARKETS-Euro up on ECB hopes; hurricane lifts oil

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GLOBAL MARKETS-Euro up on ECB hopes; hurricane lifts oil Aug 28th 2012, 16:08 Tue Aug 28, 2012 12:08pm EDT * Hopes of ECB action on crisis help lift the euro * Crude oil rises as storm weighs on U.S. production * Aussie hits five-week low on global economy concerns By Rodrigo Campos NEW YORK, Aug 28 (Reuters) - The euro rose against the U.S. dollar o n T uesday on bets the European Central Bank would act soon to tackle the bloc's debt crisis while U.S. crude oil prices edged higher as tropical storm Isaac approached the Gulf Coast. Wall Street stocks were little changed in a session expected to be light, as investors anticipate a speech by Federal Reserve Chairman Ben Bernanke on Friday. U.S. crude prices rose 0.5 percent and as tropical storm Isaac neared hurricane strength in the Gulf of Mexico, forcing companies to close down oil rigs and refineries. Investors were looking ahead to Friday's Bernanke speech at an annual meeting of central bankers at Jackson Hole, Wyoming. The European Central Bank said its president, Mario Draghi, will not attend the conference due to a heavy workload, news that gave support to the euro. Draghi's absence is seen as a hint that "he will be busy finalizing the details of policy proposals to be unveiled in the coming weeks," according to Nick Bennenbroek, head of currency strategy at Wells Fargo Bank. The ECB will meet on September 6. The single currency rose 0.5 percent to $1.2564. Upbeat U.S. housing data made it harder for investors to determine if the Fed will announce further stimulus to the U.S. economy, a bet that has supported a recent rally in equities and other risk assets. "Looks like we are taking a wait-and-see on Bernanke," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. He said a handful of global economic indicators were mixed, leaving room for the Fed to pump more money into the economy. "Unfortunately a fair amount of stimulus is probably priced in so we are at a period now where bad news is good news until we hear what (Bernanke) is actually going to do," said Ablin. The Dow Jones industrial average rose 16.23 points, or 0.12 percent, at 13,140.90. The Standard & Poor's 500 Index was up 2.26 points, or 0.16 percent, at 1,412.70. The Nasdaq Composite Index was up 4.77 points, or 0.16 percent, at 3,077.96. On Monday, volume in U.S. equities was the lowest for a full day of trading so far this year, at about 32 percent below the daily average. An MSCI gauge of global equities fell 0.13 percent and the pan European FTSEurofirst 300 index was off 0.7 percent. Global growth worries resurfaced after Japan cut its assessment for the economy, citing slow-downs in the United States and China as well as Europe's debt crisis. The commodity-linked Australian dollar hit a five-week low of $1.0346 before bouncing back slightly. Adding to signals of weakness, Spain said its recession had deepened in the second quarter as domestic spending slumped in the wake of tough austerity measures aimed at tackling the government's fiscal problems. U.S. Treasuries prices edged up ahead of a sale of $35 billion of two-year notes as traders anticipated hints from Bernanke of possible further economic stimulus. The benchmark 10-year U.S. Treasury note was up 6/32, with the yield at 1.6301 percent. Link this Share this Digg this Email Reprints

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