New York Session - May 12, 2008
Risk appetites returned in the absence of bad news, or at least ‘not as bad as feared,’ as major US bond insurers reported multi-billion dollar losses below analysts’ expectations. US stocks gained about 1% as retailers also beat earnings estimates. As well, oil prices finally moderated, though only marginally, after making new all-time highs at $126.40/bbl, dropping back to around $123.80/bbl by the end of the day. The USD put in a mixed performance, rising against the JPY, but falling against
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