Reply #5: daily dollar watch [View All]

[UpInArms]

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 88.42 Change +0.30 (+0.34%)

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?font=Reuters&pv_noticia=MTFH66532_2004-08-23_12-03-26_L23632817

FOREX-Dollar stages broad rebound as oil prices ease

LONDON, Aug 23 (Reuters) - The dollar recovered across the board on Monday as oil prices eased from record highs and investors awaited a speech by U.S. Federal Reserve Chairman Alan Greenspan later in the week.

The greenback fell to four-week lows against the euro and the yen following a batch of weak U.S. economic reports last week and dealers wondered if pessimism towards the dollar had been overdone.

Further clues on the health of the U.S. economy will come with the release of U.S. durable goods orders on Wednesday and second-quarter growth data on Friday, the same day Greenspan is due to speak at a Federal Reserve Bank of Kansas City event in Wyoming.

"We have a heavy agenda later in the week so markets are looking for direction there," said Umberto Alvisi, currency strategist at CSFB.

...more...

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6044104

Wal-Mart Cuts August Sales Forecast

CHICAGO (Reuters) - Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) lowered its August sales forecast on Monday as back-to-school demand failed to meet its expectations and hurricanes in Florida forced it to close 75 stores.

Wal-Mart now expects August sales at U.S. stores open at least a year to be flat to up 2 percent. It had previously forecast a 2 percent to 4 percent increase.

On a recorded message detailing sales through Aug. 20, the world's biggest retailer also said it would be tough to top last year's strong 6.9 percent August same-store sales increase, which was boosted by child tax credits.

...more...

http://www.dailynews.com/Stories/0,1413,200~20954~2352515,00.html

CEO's shocking suicide
Solomon was hopeful of saving Applause toy company from financial ruin

WOODLAND HILLS -- Bob Solomon's toy company was his life, and hours before he killed himself Friday night, he spoke hopefully about saving it from financial ruin.

Applause LLC was a rags to riches to rags story, and Solomon saw the whole tale unfold. It rose to the top of the plush-toy industry with stuffed Mickey Mouses, Winnie the Poohs and Curious Georges and fell when the fad began to fade. When he came back to Applause three years ago, it was in the role of its rescuer -- chairman, CEO and owner -- and he gambled on a toy called Dream Pets to revive the company's fortunes.

He lost the bet. Now, the company that once employed 1,100 workers in its heyday and brought in hundreds of millions in annual revenue finds itself in a desperate situation. Last week, Applause faced eviction from its Warner Center headquarters by the end of the month and was the target of numerous lawsuits demanding hundreds of thousands of dollars in unpaid royalties and fees. Its payroll had dropped to around 40 workers with more impending layoffs.

In a series of interviews last week about Applause's troubles, Solomon engaged the problems candidly and even quipped Friday afternoon that the headline on its story might be "Trouble in Toyland."

...more...

http://www.investors.com/breakingnews.asp?journalid=22773213&brk=1

General Growth Buying Rouse For $7.2 Billion

Aug 23, 2004 (financialwire.net via COMTEX) -- (FinancialWire) General Growth Properties (GGP) is buying Rouse Co. (RSE) for around $7.2 billion, all in cash. Its 225 malls will be second only to Simon PROPERTY Group (SPG), with 246 malls.

Growth Properties develops regional shopping malls, and Rouse Co. develops retail malls with entertainment themes, such as Fanueuil Hall Marketplace in Boston.

<snip>

General Growth has over 4,000 employees and Rouse some 3,700. It is expected that the economies of scale will include some layoffs.

...very short newsblurb...

Well, it's a no report day. Wonder where the wheel will stop spinning at 4:00 EST?

Have a Great Day Marketeers!