Swedish current account surplus narrows in Q2

The Swedish current account surplus declined to SEK38.8 billion in the second quarter from SEK77.6 billion recorded in the first quarter, the latest report from the Statistics Sweden showed Friday.

According to the statistical office, the decline in the current account surplus was due to the negative return on capital. The capital account showed a deficit of SEK0.9 billion in the second quarter, the same as in the first three months of the year. In the second quarter, the trade in goods fell to SEK 32.4 billion, while trade in services was up by SEK 5.2 billion over the previous year and totaled SEK27.4 billion. Meanwhile, the financial account surplus was at SEK12.7 billion in the second quarter compared to an SEK8.4 billion deficit in the previous quarter. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Israeli shekel falls to 15-day low against US dollar

Against the US dollar, the Israeli shekel edged down during early deals on Friday. At about 2:30 am Eastern Time, the shekel touched 3.5941 per dollar, compared to 3.5837 hit late New York Thursday. This set a 15-day low for the local currency. If the Israeli currency moves further down, it may test support around the 3.61 level. The pair is now worth 3.5920.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Chinese Yuan Drops Against Dollar And Euro

During early deals on Friday, the Chinese yuan traded lower against the currencies of US and Europe. The Chinese yuan dropped against the European single currency in early trading on Friday and hit a low of 10.0947 at 1:05 am ET.

The immediate support for the Chinese yuan is seen around the 10.11 level. The euro-yuan pair closed Thursday's New York session at 10.0449.

In early trading on Friday, the Chinese currency edged down against the US dollar. At about 12:40 am ET, the yuan touched a low of 6.8427 per dollar, compared to Thursday's North American session close of 6.8301. The next downside target level for the yuan is seen around 6.86.

The People's Bank of China has set today's central parity rate of the euro-yuan and the dollar-yuan pairs at 10.0522 and 6.8345, respectively.

Investors now look forward to the Italian retail sales and CPI, Euro-zone unemployment rate, CPI, business and consumer confidence reports, which are expected to drive deals in the upcoming hours.

Turning to the US, the PCE deflator, personal income and spending, Chicago PMI and the University of Michigan's consumer confidence report are scheduled for release. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar climbs to 2-day high against Malaysian ringgit

Against the Malaysian ringgit, the US dollar showed strength during early Asian deals on Friday.

At about 8:45 pm ET, the dollar-ringgit pair hit a 2-day high of 3.3980, compared to Thursday's closing value of 3.3875. The pair is currently quoted at 3.3941. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved