The News Review:

- Northern Trust 1st Quarter Net More Than Doubles On Forex Income
- Forex – Pound drops toward record euro low after downbeat UK economic…
- Forex – Euro weakens on worse than expected ZEW business survey
- Forex – Dollar strengthens after stronger-than-expected US data UPDATE
- FOREX: Ringgit Closes Lower Against US Dollar
- Thomson Financial Europe AM at a glance share guide: Shares mixed,…
- Re rise against pound may dent IT cos’ revenues

Northern Trust 1st Quarter Net More Than Doubles On Forex Income
MarketWatch – Apr 15, 2008
’s first-quarter income jumped to $385. 71 a share, from $186. 7 million, or 84 cents a share, a year earlier, on growth in trust investments and foreign exchange trading income. The Chicago bank holding company said income for the latest period included a pretax benefit of $244 million related to Visa Inc.

Forex – Pound drops toward record euro low after downbeat UK economic…
Forbes – Apr 15, 2008
While the British Retail Consortium said that like-for-like sales fell by 1. 6 pct in March from the year before, the first drop in two years, the respected Royal Institution of Chartered Surveyors found more of its members than ever reporting lower house prices during the month than at any time in the 30-year history of the survey. ‘After the evidence of upside inflation risks in yesterday’s producer price data — and likely to be evident again in today’s CPI — these data are a useful reminder of the likelihood that the UK economy will slow sharply this year,’ said Michael Saunders, economist at Citigroup (nyse:.

Forex – Euro weakens on worse than expected ZEW business survey
Forbes – Apr 15, 2008
The ZEW said its confidence indicator fell to -40. 0 in March, going against analysts’ forecasts for a mild improvement to -29.

Forex – Dollar strengthens after stronger-than-expected US data UPDATE
Forbes – Apr 15, 2008
Producer Price Index, which measures inflation pressures before they reach the consumer, rose 1. 1 percent in March, following a 0.

FOREX: Ringgit Closes Lower Against US Dollar
Bernama – Apr 15, 2008
At 5pm, the ringgit depreciated against the US dollar to 3. One of the dealers attributed that the downtrend of the local unit to selling pressure as many traders cashed in their investments.

Thomson Financial Europe AM at a glance share guide: Shares mixed,…
Forbes – Apr 15, 2008
62 usd*Monday’s close STOCKS: Stocks finished a quiet session moderately lower Monday as investors grappled with concerns about the health of corporate profits after Wachovia Corp. posted disappointing quarterly results. FOREX: The dollar was mixed against European and Asian currencies Monday after the Commerce Department reported that retail sales edged up in March. BONDS: Treasury prices were mostly lower Monday as investors digested more worrisome news in the banking sector and a government report that showed retail sales moved higher in March. OIL: Oil prices, rose to a record settlement and are within striking distance of last week’s trading record of $112. 21 a barrel as the dollar fell and crude supplies were disrupted in the U… dollar was trading slightly higher Tuesday morning after an overnight sell-off when traders doubted that the Group of Seven would follow through and intervene in the market to prop up the greenback, despite suggestions that such action had been considered at the weekend G7 meeting in Washington. OIL: Oil prices hovered near record levels in Asian trading on Tuesday as supply concerns remained a key factor. METALS: Gold steadied in early afternoon trade, recouping the losses it posted this morning after the dollar rallied in response to this weekend’s G7 meeting in Washington, as the currency gave up its gains amid fears over slowing U.

Re rise against pound may dent IT cos’ revenues
Economic Times – Apr 15, 2008
Most Indian IT companies have their
presence in East European countries like Hungary, Romania and Czech Republic. Though most tier-I IT
companies?Infosys, Wipro and TCS?which have a large US exposure are
expected to protect their operating margins, ?other income? of these
companies may get adversely impacted due to aggressive hedging against the
dollar undertaken by IT companies against the greenback, which remained benign
this quarter against the rupee. For instance, Infosys
Technologies has taken a forex cover of $1. 1-billion, TCS has taken a cover of
about $3. 1-billion and HCL Technologies has taken a cover of about $2. Says Harit Shah, IT analyst with Angel Broking; ?All IT companies are
expected to take a hit on ?other income? as the rupee remained
benign whereas they took positions on aggressive
hedging.