FOREX-Dollar falls vs euro yen after Bernanke sworn statement

Wed Feb 24, 2010 1:29pm EST

* Dollar falls vs euro, yen on Bernanke testimony

Currencies

* Fed chief says continues to expect ultra low rates

* Housing data underscores fragility in U.S. economy

* Euro pares gains as SP may downgrade Greece"s rating

(Adds comments, details. Updates prices)

By Luciana Lopez and Vivianne Rodrigues

NEW YORK, Feb 24 (Reuters) - The U.S. dollar fell versusthe euro and yen on Wednesday after comments by U.S. FederalReserve chairman Ben Bernanke dampened speculation monetarypolicy tightening might be nearing.

An unexpected plunge in new U.S. home sales last monthfurther dampened investor sentiment and reinforced the lowrates outlook. Analysts said the housing figures, combined witha drop in a consumer confidence reading on Tuesday, underscorethe fragility of economic recovery.

"The (Federal Open Market Committee) continues toanticipate that economic conditions -- including low rates ofresource utilization, subdued inflation trends, and stableinflation expectations -- are likely to warrant exceptionallylow levels of the federal funds rate for an extended period,"read Bernanke"s prepared testimony to the House FinancialServices Committee on Wednesday. For details see[ID:nN23238973]

Sales of newly built U.S. single-family homes unexpectedlyfell to a record low in January, dropping 11.2 percent.Analysts had expected the figure to gain over the previousmonth. [ID:nN24169849]

The weak housing numbers showed consumers are stillstruggling, said Vassili Serebriakov, currency strategist withWells Fargo in New York.

"All combined, there are not a lot of reasons to buydollars today," he said. "The initial reaction has beennegative for the dollar.

The dollar fell 0.2 percent to 90.10 yen JPY= asBernanke"s comments subdued hopes U.S. interest rates wouldrise sooner rather than later -- a move that would boost thevalue of dollar-based assets.

The euro rose as high as $1.3626 EUR= earlier but lasttraded at $1.3550, up about 0.3 percent.

The single currency pared some of its gains after Standardand Poor"s said it may downgrade Greece"s BBB+ rating by one ortwo notches within a month, citing downside risks to growththat could hinder the country"s deficit-cutting plan.[ID:nLDE61N2KL]

The euro fell to a nine-month low of $1.3442 last week onconcerns about Greece"s public finances. A ratings downgrade ofGreece"s four largest banks by Fitch on Tuesday remindedinvestors of the financial woes facing the country.

Recent data showing German consumer sentiment was set todecline in March also added to negative euro sentiment, as dida weak German business sentiment Tuesday. [ID:nBAF003980]

In the United States, the focus of investors may now turnto economic reports on durable goods, weekly jobless claims andupcoming fourth-quarter GDP data.

Analysts at Macroeconomic Advisers said in a note theunexpected decline in new home sales in January suggests lowerfirst quarter sales and broker commissions than previouslyexpected. The firm"s tracking forecast of GDP growth in thefirst quarter is at 3.1 percent.

Elsewhere, sterling was little changed at $1.5412 GBP=after having tumbled on Tuesday when the Bank of England leftthe door open to more emergency measures and issued a downbeateconomic outlook.

(Additional reporting by Steven C. Johnson and NaomiTajitsu in London)

Currencies

Crystal Palace 0 Coventry 1: Bell tolls as Warnocks Eagles tumble in to dump section

Crystal Palace"s woes continued after a 1-0 defeat to Coventry atSelhurst Park saw them slip into the Coca-Cola Championship relegationzone.

In a week which has seen speculation surrounding manager NeilWarnock"s future intensify, the Eagles were dealt another blow whensubstitute David Bell"s chip gave Coventry victory with five minutesremaining.

Free-fall: Another defeat means Neil Warnock and Palace are in the relegation zone

More...Cardiff 0 Barnsley 2: Bogdanovic makes profligate Bluebirds pay Sheffield Wednesday 0 Ipswich Town 1: Edwards gives Keane a liftPlymouth 1 Leicester 1: Arnason own goal helps Foxes continue unbeaten run

Palace had chances to take the lead with Darren Ambrose twice going close before Coventry goalkeeper Keiren Westwood denied Nick Carle.

However, Bell"s strike saw Palace slip into 22nd place, a point from safety, while Coventry moved up to 10th place.

The visitors made a bright start and Carl Baker let fly from 25 yards but his shot was straight at Crystal Palace goalkeeper Julian Speroni who made a comfortable save.

Minutes later Aron Gunnarsson latched onto a flick from Jonathan Stead but fired a wild effort wide.

Palace eventually began to find their rhythm and Scannell was off-target with an effort from distance before Shaun Derry sent a shot over the bar.

Ambrose scored a superb free-kick against Aston Villa in the FA Cup last weekend and almost repeated the feat with a rasping free-kick from 35 yards that went just over.

Soon after Ambrose breezed past two challenges and his shot was fumbled by Westwood and trickled just past the post.

With half-time approaching Palace midfielder Nick Carle lost the ball in his own box and Michael McIndoe, who has yet to score this season, fired a point blank shot wide when he should have done better.

At the other end another defensive mistake saw Alan Lee round Westwood and tee up Ambrose but his shot was cleared off the line by Richard Wood.

Moments before the break Stead got a shot away from inside the box but Speroni made a superb save to keep the scores level.

Palace should have been in front five minutes after the break when Carle played an excellent ball into Ambrose but he scuffed the shot wide when he should have done better.

The home side were on top and Ambrose clipped in a wonderful ball to Johannes Ertl who headed goalwards but Westwood tipped the ball over the bar.

Ambrose was involved in everything positive from Palace and thundered another 30-yard free-kick just wide.

As the half wore on Coventry became more dangerous and a fumble by Speroni almost gifted them a chance but the Argentinian gathered at the second attempt.

Former Palace frontman Clinton Morrison was having a quiet game but with 15 minutes remaining his flick sent Gunnarsson clean through but he fired straight at Speroni.

Westwood made a superb save to deny Carle before Bell won it for Coventry with five minutes remaining.

Bell played a one-two with Stead and broke clear before producing a clever chip over the onrushing Speroni to send the visiting fans into raptures.

More...Cardiff 0 Barnsley 2: Bogdanovic makes profligate Bluebirds pay Sheffield Wednesday 0 Ipswich Town 1: Edwards gives Keane a liftPlymouth 1 Leicester 1: Arnason own goal helps Foxes continue unbeaten run

Anti-Glazer brigades fears over belligerent Manchester United fans Manchester United

James Ducker, Northern Football Correspondent & , : {}

Manchester United supporters who launched the green-and-gold anti-Glazer criticism are aroused that their debate could be undermined by belligerent fans fervent to adopt some-more assertive strategy in their try to reject the clubs owners.

Uniteds Barclays Premier League compare opposite Liverpool at Old Trafford tomorrow is approaching to be played out opposite a backdrop of anti- American sentiment, with the home supporters antithesis to the Glazers expected to be echoed by Liverpool fans feeling towards Tom Hicks and George Gillett Jr, co-owners of the Merseyside club.

Membership of the Manchester United Supporters Trust (MUST) has tripled to some-more than 140,000 given the colours of the clubs strange incarnation, Newton Heath, were adopted as a representation of the criticism transformation in the arise of a 322-page bond-issue handbill laying unclothed the Glazers plans.

But whilst the green-and-gold debate has remained pacific and spin synonymous with moves by the Red Knights, a organisation of City financiers-cum-United supporters, to lift sufficient income to launch a takeover bid there are concerns about a potentially deleterious separate in the fanbase if some-more aggressive, border factions press forward with threats of earthy intimidation.

Related LinksRed Knights plan to buy Manchester UnitedFerguson warns of United divisionsRed Knights lift 1.5bn for United

Opposition to the Glazers in the run-up to their takeover of the bar five years ago incited nasty when the supposed Manchester Education Committee, a organisation of belligerent United fans, was heavily criticised for daubing a car belonging to Maurice Watkins, a bar director, in red paint and invading the representation at a reserve-team game.

Now there are fears that the ultimate moves to get absolved of the Glazers could give climb to a regularity of such behaviour.

Fans on assorted forums have advocated clumsy strategy and the paper in the ultimate book of the successful Red Issue fanzine roughly served as a call-to-arms to the hardcore elements of the clubs await for far some-more in advance action.

For all the broadside David Beckham wearing a headband competence garner, the not going to worry the Glazers, it read. Far some-more in advance movement is required. While MUST sojourn clinging to pciking up incomprehensible e-mail addresses by the thousands, hopes spin to the contentious Red Knights, but with the Glazers already carrying incited down one 1.2 billion bid, they are doubtful to confirm to sell up.

Rather than MUST frittering afar 65,000 on a little American lobbying group as they have of late, that sort of income would be improved outlayed drifting a little ardent anti-Glazer supporters to Florida and display Joel and Co the strength of Reds feeling in person.

The chants all discuss it how the Glazers are gonna die, nonetheless in being theyre free to travel out of the belligerent unchallenged. Until that changes, zero will.

hair wig

British publisher Paul Martin expelled by Hamas in Gaza Strip

Sheera Frenkel, Jerusalem & , : {}

A British freelance publisher has been expelled by the belligerent organisation Hamas after spending scarcely a month as a restrained in the Gaza Strip.

Hamas officials had indicted Paul Martin of espionage for Israel. He was the initial Western publisher to be arrested by Hamas. I was never indicted of any crime, nonetheless I was interrogated for something that it was blatantly unfit for me to have done, Mr Martin pronounced on his release. I think in the future it was realised that there was no box opposite me, but it took a prolonged time for intensely questionable security people to catch this message.

Hamas did not record any charges opposite Mr Martin in justice but pronounced that it was deporting him since it believed him to be guilty.

Mr Martin had trafficked regularly to the Gaza Strip, filing reports for The Times and the BBC. My recover is a good feat for the right of reporters to be means to cover formidable stories in a intrepid and correct approach but being theme to arrest, or worse, at the hands of a organisation that dislikes their journalism, he said.

Related LinksBriton hold in Gaza as security threatUS launches tactful pull for Iran sanctionsParalysed Palestinian lady Marya wins a home

At a headlines discussion to make known his release, Mahmoud al-Zahar, the Hamas leader, said: Paul Martin has been found guilty of being an representative for Israel. He combined that Mr Martin was operative on shaming the picture of the Palestinian people by observant that they filch weapons by tunnels.

The publisher had created a extensive essay for The Times on that subject.

He was arrested when he trafficked to Gaza on Feb fourteen to attest on interest of a belligerent related to the Fatah faction, Hamass rival, who was indicted of collaborating with Israel.

His lawyer, Sharhabil Zayim, pronounced that he had sealed a oath prior to his recover that he would not lapse to Gaza.

Mr Martins family was watchful for him in executive Israel, where he assimilated them yesterday afternoon. His wife, Anne Martin, denied the Hamas accusations.

We are intensely relieved that Paul has been expelled and gratified that the authorities responded to the appeals, she told the BBC. Paul has confirmed his ignorance via this ordeal.

British officials who cumulative his recover had no evident comment, but a commission of the Britain-Palestine All-Party Parliamentary Group expelled a matter welcoming the release.

Lord Steel of Aikwood led the commission that discussed Mr Martins recover with the Hamas Justice Minister.

He said: I am gay that Paul has been expelled in to the hands of British officials. We twice lifted the issue of his apprehension during meetings with the Government on Sunday, and were speedy at the time by their joining to recover him as a gesticulate of organization to help the poor towards the visit. I am gratified that this declaration has been fulfilled.

hair wig

Eoin Morgan shell writings over Englands cracks as they event to victory

Mike Atherton, Chief Cricket Correspondent, Dhaka & , : {}

Sooner rather than later, Bangladesh will kick England at cricket. Eventually, since the countrys passion for the sport, and Englands disappearing capability to furnish home-grown cricketers of sufficient quality, Bangladesh will turn a some-more manly force full stop. But not yet.

It indispensable the luminosity of an Irishman to say Englands dominant jot down opposite the home group on Tuesday and to keep their honour intact.

Eoin Morgan, who became the initial batsman in story to measure a one-day general hundred for opposite countries, played one of the great one-day innings for his adopted nation a ideally paced, hideously cool 110 not out off 104 balls, but that England would positively have lost.

Before Morgan asserted himself in association with Matt Prior, it was probable to suppose a rather opposite unfolding than the one in that Alastair Cook picked up his initial precious metal as England captain. The tip sequence had been dismissed, together with Kevin Pietersen to an additional delayed left-armer of medium peculiarity and Craig Kieswetter to his second ball, and a spin-inspired tourniquet was tightening.

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Then, after the partnership of 90 in between Prior and Morgan had been broken, Englands presumably low batting choice imploded with perfect panic, so that James Tredwell marched out on his entrance to stick on Morgan with 32 still indispensable from twenty-six balls and the last man, Stuart Broad, nursing a behind aria in the dugout. Defeat was that close and, had it come, critical questions would have been asked of Luke Wright, Tim Bresnan and Graeme Swann, all of whom played shots that they would wish to forget.

Instead, Morgan took England quietly to feat with 7 balls to spare, with a multiple of perceptibly plausible strokes, so that his hundred and the impulse of feat were greeted with dumbfounded overpower from the home crowd. And in that silence, each cadence came off Morgans knife edge with what sounded similar to a sonic boom.

He unequivocally did fool around a little unimaginable shots: the retreat strike that went to the cover range in the 47th over, and the 3 bounds in the subsequent and what valid to be the last, each delivered with inhuman power, pleasantness of those Popeye forearms. He accomplished the compare with a 6 over block leg, and not for one impulse did it see as if it was anything alternative than planned.

Until Morgans heist, the throng had sensed that this was their countrys Ramadhin and Valentine impulse and their joyous expectancy was a pleasure to behold. No doubt, Bangladeshs homogeneous of Lord Kitchener was relaxation his outspoken cords and twitching his strumming fingers in expectation of a winning sing-song around the outfield.

Bangladesh might feel depressed that Morgan transient dual transparent leg-before decisions opposite Mahmudullah, the off spinner, and that Prior, too, should have been since out leg-before, unconditional at the left-arm turn of Abdur Razzaq. But such moments start in each game. Ultimately, an softened opening though this was, Bangladesh were not utterly great sufficient to win.

Only Cook, of Englands tip order, contributed and his half-century, the fastest of the match, referred to again that he should be deliberate severely for the World Cup in this piece of the universe in a years time. Other than his form, though, and the precious metal he collected, he will know that his group showed worrying frailties.

The misadventure list will be of a little concern, too. Ryan Sidebottom, who probably would have done approach for Tredwell in any case, done the selectors pursuit that most simpler when he pulled out with an damage to his right thigh. Broad, receiving the new round in Sidebottoms absence, was singular to 6 overs, and Graham Onions is struggling with a knee injury.

It equates to that Englands fast-bowling pot are dangerously thin, nonetheless Liam Plunkett and Ajmal Shahzad should safeguard that they do not have to drop in to the home ensure only yet. Sidebottom is sure to miss the last one-day general in Chittagong on Friday and will be reassessed for the Test series.

Even if he is spoken fit, his new damage jot down does not enthuse most confidence. He is apropos a liability.

BangladeshTamim Iqbal c Cook b Broad 30Imrul Kayes c Collingwood b Swann 63Aftab Ahmed b Bresnan 4†Mushfiqur Rahim c Wright b Bresnan 76*Shakib Al Hasan c and b Swann 14Mahmudullah b Bresnan 27Naeem Islam not out 18Suhrawadi Shuvo not out 14Extras (b 5, lb 2, w Seven) 14Total (6 wkts, 50 overs) 260Abdur Razzak, Shafiul Islam and Rubel Hossain did not bat.Fall of wickets: 1-46, 2-56, 3-146, 4-166, 5-211, 6-235.Bowling: Bresnan 10-0-51-3; Broad 6-0-34-1; Swann 10-0-52-2; Wright 9-0-38-0; Tredwell 10-0-52-0; Collingwood 5-0-26-0.

England*A N Cook c Rahim b Al Hasan 60C Kieswetter c Kayes b Shafiul 4K P Pietersen lbw b Razzak 18P D Collingwood lbw b Razzak 7E J G Morgan not out 110†M J Prior lbw b Razzak 42L J Wright b Al Hasan 7T T Bresnan lbw b Mahmudullah 0G P Swann b Al Hasan 2J C Tredwell not out 2Extras (b 4, lb 3, w Two) 9Total (8 wkts, 48.5 overs) 261S C J Broad did not bat.Fall of wickets: 1-5, 2-52, 3-68, 4-108, 5-198, 6-223, 7-224, 8-229.Bowling: Shafiul 6.5-0-55-1; Hossain 6-0-30-0; Razzak 10-0-52-3; Naeem 6-0-41-0; Al Hasan 10-2-32-3; Mahmudullah 7-0-30-1; Shuvo 3-0-14-0.Umpires: Nadir Shah and R J Tucker (Australia).Man of the match: Morgan.

Series details: First one-day international: England won by 6 wickets (in Dhaka). Third: Friday (in Chittagong).

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BAAs sell sales at most appropriate for a decade

David Robertson & , : {}

The interest of duty-free selling some-more than equivalent revoke newcomer numbers as Londons airports reported their most appropriate sell income total for some-more than a decade.

Heathrow, the worlds busiest general airport, generated the top turn of income from retailing given duty-free for European travellers was abolished in 1999. The airfield done �351.5 million from retailers last year an enlarge of 7 per cent from the year before. Retail income per newcomer rose by 6.7 per cent to �4.93.

The surge in sell sales came as the worth of argent fell opposite alternative currencies, that done British products partially cheaper for foreigners flitting by the airport.

A higher series of send passengers, who customarily outlay longer in depot areas, additionally contributed to the increase.

Related LinksBAA waste reach �822 million on Gatwick saleCompetition Commission fights on over BAA sales

Colin Matthews, arch senior manager of BAA, that owns 6 UK airports, pronounced that one after another improvements in Heathrows use standards meant that passengers had outlayed some-more money. He said: Passengers who are assured and loose are some-more prone to outlay income than those who are stressed or hassled or delayed. The softened we have the airfield work, the softened the sell opening is.

BAA, that is owned by Ferrovial, the Spanish infrastructure company, pronounced yesterday that it programmed to go on alleviation functions at Heathrow and would outlay about �1 billion on new infrastructure this year.

The association is rebuilding Terminal 2 as piece of plans to revoke newcomer overload and urge services.

Heathrow has been criticised for prolonged delays and bad use but a rebate in newcomer numbers and increasing investment resulted in an alleviation in standards last year. BAA pronounced that 97.9 per cent of passengers had privileged security in less than five mins and 77 per cent of flights left inside of fifteen mins of their scheduled depart time, up from 69 per cent the prior year.

Fewer craft movements and revoke newcomer numbers have taken the vigour off the operations, Mr Matthews said. I additionally think we have softened the simple mechanics of handling the airfield on a day-to-day basement and we are investing in Heathrow to urge it for the future.

Retail sales at Stansted were additionally strong last year, rising by 2 per cent to �4 a passenger. The enlarge was helped by British holidaymakers shopping cheaper cigarettes and alcohol.

The climb in sell sales helped to enlarge BAAs revenues for the dual London airports by 8.3 per cent to �1.97 billion last year, notwithstanding a 3.8 per cent tumble in newcomer numbers to 85.9 million.

BAA additionally owns Southampton, Glasgow, Edinburgh and Aberdeen airports but total for these operations are reported separately.

BAA sole Gatwick last year for �1.5 billion, that fell short of expectations, and forced BAA to supplement a �277.3 million loss to the 2009 results. Further write-offs came from accounting supplies for a higher grant necessity and waste on monetary instruments. This resulted in BAA recording a loss of �822 million for the year compared with a �324 million loss the year before.

However, the sale of Gatwick authorised BAA to cut the debt levels of the London airports by 9 per cent to �8.6 billion. It additionally private any poignant debt amends mandate until 2012, nonetheless �1.6 billion of debt hold elsewhere inside of the organisation contingency be addressed by subsequent year.