US Dollar Mostly Down in European Trading

US dollar mostly down, gold higher in European afternoon trading

The U.S. dollar was mostly lower against other major currencies in European trading Monday afternoon. Gold rose.
The euro traded at $1.4205, up from $1.4067 late Friday in New York.

Other dollar rates:
--90.21 Japanese yen, down from 90.38

--1.0438 Swiss francs, down from 1.0675

--1.2163 Canadian dollars, down from 1.2221

The British pound was quoted at $1.4571, down from $1.4677.

Gold traded in London at $880.25 per troy ounce, up from $836.75 Wednesday. That market had been closed on Thursday and Friday for the Christmas holidays.

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Japanese Yen May Strengthen On Declining Global Outlook

Fundamental Outlook for Japanese Yen: Bullish

- Industrial Production Fell 8.1% in November, Which Was the Fastest Pace in 55 Years
- Inflation Slowed To 1% From 1.7% in November
- Japanese PMI Fell To 30.8 from 36.7, Which Was the Lowest Since Records Began In 2004

The Japanese Yen lost ground to the dollar for the first week in two months as Japanese fundamental data signaled that the economy is headed into a prolonged recession. Indeed, industrial production declined 8.1%, which was the fastest pace in 55 years. Additionally, the record low PMI reading of 30.8 leaves little hope that activity in the world’s second largest economy will rebound in the near-term as companies continue to pull back in the face of a recession. The release of the BoJ minutes revealed that the committee had discussed taking on credit risk a month before they started buying short-term debt following their announcement of a 0.2% rate cut. Policy makers stated that the increasing difficulty of Japanese companies to obtain credit due to “deteriorating markets” forced them to take further action. Yesterday, Bank of Japan policy board member Hidetoshi Kamezaki said officials may consider “extraordinary steps” to improve access to funding for companies.

The USD/JPY would rise to as high as 91.30 last week where it ran into resistance at the 20-day SMA. The failure to break above the short-term technical indicator may be a sign that investors are still reluctant to abandon their Yen long positions. The deteriorating fundamentals globally have increase fears that the current global recession will continue to deepen which remain a dampening factor on risk appetite. The lack of Japanese economic data on the docket and the New Year will leave many traders on the sidelines setting up for another week of low volume. However, we could see bargain hunting and year end buying fuel a bout of risk appetite. Where a break above the 20-day SMA may lead to a change in bias and further Yen losses.

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US Dollar Mixed in Europe

US dollar mixed, gold down in European afternoon trading

The U.S. dollar was mixed against other major currencies in European trading Tuesday afternoon. Gold fell.

The euro traded at $1.3962, down from $1.3990 late Monday in New York.

Other dollar rates:

--90.53 Japanese yen, up from 90.21

--1.0857 Swiss francs, down from 1.0930

--1.2160 Canadian dollars, down from 1.2187

The British pound was quoted at $1.4736, down from $1.4830.

Gold traded in London at $843.50 per troy ounce, down from $849.00 late Monday.

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Moody's Revises Penske Automotive's Rating Outlook

Moody's revises Penske Automotive Group's rating outlook, reflecting auto sector's woes

Moody's Investors Service on Monday revised Penske Automotive Group Inc.'s rating outlook and placed two other auto companies' ratings on review for possible downgrade amid continued challenges facing car companies.
Moody's revised Penske Automotive's rating outlook to "Negative" from "Stable," reflecting worsening trends in automotive retail sales. These trends are expected to persist next year in the U.S. and U.K. for the automotive retailer, Moody's said.
"Penske's product mix does include a high proportion of luxury brands, and we are concerned that revenues could be adversely impacted as higher income and aspirational consumers show greater restraint in their spending in the current recessionary environment," Moody's said.
Shares of Penske declined 33 cents, or 4.5 percent, to $7.15.

Separately, Moody's placed Asbury Automotive Group Inc.'s "B1" corporate family and probability of default ratings on review for a possible downgrade, sending shares of the new and used automobile retailer down 61 cents, or 13.1 percent, to $4.06.
Moody's said Asbury's operating performance deteriorated in the third quarter, and prospects remain soft for at least the next year.
Moody's also placed Sonic Automotive Inc.'s "Ba3" corporate family and probability of default ratings on review for a possible downgrade, saying Sonic's credit metrics "will likely continue to deteriorate for the balance of 2008 and into 2009."
Shares of the auto retailer retreated 58 cents, or 14 percent, to $3.55.

Elsewhere in the automotive sector on Monday, Toyota Motor Corp. cut its earnings forecast and warned it will post an operating loss for the fiscal year through March.
That would mark the Japanese automaker's first loss since it started reporting results in 1941 and follows last week's news that General Motors Corp. and Chrysler LLC received a $17.4 billion lifeline from the federal government to ward off a major bankruptcy.

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The Engine of Democracy Coalition Praises Bush Decision To Provide Auto Bridge Loans

The Engine Of Democracy, a coalition of organizations representing more than 6 million jobs related to the American automotive industry, applauds the Bush Administration for its decision to provide $17.4 billion in loans to General Motors and Chrysler to provide a bridge across the global economic crisis and to provide continuation of jobs for millions of Americans.
The auto industry is a major part of the economic fabric of the United States. Almost 4 percent of U.S. gross domestic product is auto-related and represents 10 percent of U.S. industrial production by value. Ford, GM and Chrysler account for 60 percent of U.S. production and support more than 6 million jobs across all 50 states and the District of Columbia.

“This loan gives all those working in the auto industry – line workers, parts suppliers, dealership mechanics, dealers – hope that they will continue to be able to earn a living for their families,” said Carl Galeana, an automobile dealer in several states and a coalition organizer. “This loan, while it gives the automakers time to restructure, is really about addressing the needs of Main Street and the ability to help the auto industry move our nation’s economy forward.”
According to Driving the Future: The New American Auto Industry by The Automotive Trade Policy Council, the U.S. auto industry invests $10 billion in this country in plants and equipment each year. In addition, the U.S.-based auto industry is second only to the semiconductor industry in R&D spending – $12 billion last year alone, the study said.

“The supplier community plays a pivotal role in automotive research and development, much of which is to continue to develop fuel-efficient vehicles the American public and the world demands,” said Neil DeKoker of the 400-member Original Equipment Suppliers Association. “The loan will allow that research to continue and help make the U.S. a leader in alternative and renewable energy development.”
“We certainly agree that the President has made a monumental decision to support an industry that is vital to America’s future,” said Tim Leuliette, president and CEO of DURA Automotive Systems and a co-founder of the Engine of Democracy. “This relief establishes a foundation of security for the millions of Americans who’s very livelihood is driven by the success of American automobile manufacturing. Providing this immediate injection to liquidity was essential to avoiding a further collapse of an industry that continues to weather a global economic crisis.”

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