Pound Heads for Monthly Gain on Speculation BOE Will Raise Rates Further

(Bloomberg) -- The pound headed for a monthly gain
against the dollar and the euro on speculation the Bank of
England will keep raising interest rates to curb inflation.

The U.K. currency traded above $2 this week for the first
time since May 2, and is set for its sixth straight quarterly
gain versus the dollar. Policy makers' next decision on interest
rates is on July 5, when economists surveyed by Bloomberg expect
them to lift the main benchmark a quarter-point to 5.75 percent.


Read more at Bloomberg Currencies News

Indonesia Accepts Lower Price From Wee Tiong for Raw Sugar, Importer Says

(Bloomberg) -- Singapore's Wee Tiong (S) Pte. will
supply 25,000 metric tons of raw sugar to Indonesia, the world's
largest buyer of the commodity, after the trading company
lowered its price, an official said.

Wee Tiong, the sole bidder in PT Perkebunan Nusantara X's
tender yesterday, agreed to supply the sugar today at $312 a ton,
compared with an offer of $314 on June 28, Adi Santoso, head of
market analysis at the state-run Indonesian importer said in a
text message. The price includes freight and insurance charges.


Read more at Bloomberg Commodities News

Concha y Toro, ICA, OdontoPrev and Tam: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile, Mexico and Peru
today. Symbols are in parentheses after the company name, and
stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

S&P, Moody's, Fitch Obscure Rising Risks on $200 Billion of Mortgage Bonds

(Bloomberg) -- Standard & Poor's, Moody's Investors
Service and Fitch Ratings are masking burgeoning losses in the
market for subprime mortgage bonds by failing to cut the credit
ratings on about $200 billion of securities backed by home
loans.

The highest default rates on home loans in a decade have
reduced prices of some bonds backed by mortgages to people with
poor or limited credit by more than 50 cents on the dollar and
forced New York-based Bear Stearns Cos. to offer $3.2 billion to
bail out a money-losing hedge fund. Almost 65 percent of the
bonds in indexes that track subprime mortgage debt don't meet
the ratings criteria in place when they were sold, according to
data compiled by Bloomberg.


Read more at Bloomberg Bonds News

Dollar May Rise to 124.13 Yen on New York Close Above 123.24, MUFG Says

(Bloomberg) -- The dollar may rise to a 4 1/2-year
high of 124.13 against the yen should it close above so-called
resistance at 123.24 today, said Masashi Hashimoto, a currency
analyst at Bank of Tokyo-Mitsubishi UFJ Ltd.

``A New York closing price above that resistance would pave
the way for the dollar's advance to 124.13 next week,'' Hashimoto
said, citing charts that predict currency movements.


Read more at Bloomberg Currencies News

Yuan Heads for Its Best Quarter Since U.S. Dollar Peg Was Scrapped in 2005

(Bloomberg) -- The yuan headed for the best quarter
since a dollar link was scrapped in 2005 as China allows gains to
cool its economy and ease a record trade surplus.

The currency also rose to the highest since the link ended
as a central bank report today said the economy may expand 10.8
percent in 2007, the fastest pace in 12 years. People's Bank of
China Governor Zhou Xiaochuan has said China will boost the
yuan's flexibility as some U.S. lawmakers press for quicker gains.


Read more at Bloomberg Emerging Markets News

New Zealand Dollar Drops From 22-Year High as GDP Won't Spur Rate Increase

(Bloomberg) -- The New Zealand dollar fell from the
eighth 22-year high this month on concern economic growth isn't
fast enough to trigger an interest-rate increase next month.

The central bank has boosted the official cash rate three
times this year in a bid to subdue consumer spending, which it
says is spurring inflation and unsustainable growth. The record 8
percent rate has helped the New Zealand dollar, known as the kiwi,
gain 29 percent in the past 12 months. The government
statistician said today the economy expanded 1 percent in the
first quarter, matching economists' expectations.


Read more at Bloomberg Currencies News