Currencies

• USD/CHF The franc extended its sixth monthly gain, the longest in 17 years, after U.S. Representative Kevin McCarthy told reporters yesterday in Washington that there would be no House vote that day.
  • The franc rose 0.1 percent to 80.03 centimes per dollar after reaching an all-time high of 79.90 yesterday.


• EUR/USD The euro weakened for a third day against the dollar and the yen after Moody's Investors Service said it may cut Spain's credit rating.
  • The euro depreciated 0.3 percent to $1.4296

• USD/JPY The yen Strengthened toward records against the dollar after U.S. lawmakers delayed a vote on a plan to raise the debt limit to avert a default, boosting demand for refuge currencies.
  • The yen climbed to 77.53 per dollar as of 6:39 a.m. in London from 77.67 yesterday in New York, after rising to 77.46, the strongest since March 17 when it reached a postwar record of 76.25.

Commodities

• Gold trading within 1 percent of a record, is set for the first monthly increase in three as U.S. politicians remain deadlocked on how to raise the federal debt ceiling and avoid a default that may hurt financial markets.
  • Immediate-delivery gold was little changed at $1,614.20 an ounce at 9:23 a.m. in Singapore after reaching an all-time high of $1,628.05 on July 27.

• Oil fell, headed for the first weekly decline in five, on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world's biggest crude consumer.
  • Futures slipped as much as 0.5 percent after House Speaker John Boehner delayed a planned vote on debt-limit legislation as Senate leaders stood ready to kill the measure should it get to their chamber.

Equities

• U.S. stocks fell, dragging the Standard & Poor's 500 Index lower for a fourth day, as lawmakers indicated they were no closer to reaching an agreement to increase the debt ceiling and avoid default.
  • The Dow Jones Industrial Average erased an advance of as much as 82 points after optimism faded that Democrats and Republicans would be able to compromise over cutting the federal deficit.
  • Technology stocks led gains in the S&P 500, with Cisco Systems Inc. (CSCO) climbing 2 percent after Goldman Sachs Group Inc. advised buying the stock.

• Asian bank fell, dragging down the benchmark index for the week, after the U.S. Congress delayed a vote on a plan to raise its borrowing limit, increasing concern the country will default on its debt.
  • The MSCI Asia Pacific Index dropped 0.5 percent to 136.92 as of 12:27 p.m. in Tokyo.
  • Japan's Nikkei 225 (NKY) Stock Average dropped 0.7 percent today.

Sources: Bloomberg, FT