U.S. SUMMARY: The euro stumbled Friday, extending losses begun a day earlier after some of the world's major central banks failed to meet investor expectations that they would take a more active role in boosting economic growth. The EUR/USD was at 1.2517 late Friday from 1.2561 late Thursday, the EUR/JPY was at 99.50 from 99.99, the USD/JPY was at 79.52 vs 79.64, the USD/CHF was at 0.9595 vs 0.9561 and the GBP/USD was at 1.5458 vs 1.5525. The ICE Dollar Index was at 82.442 from 82.051. However, weekend news the European Union will grant Spain a loan of up to EUR100 billion for its banking sector and news that a slew of Chinese economic data was less alarming than many had feared seemed to reassure investors early in Asia. The EUR/USD was trading at 1.2630 early in New Zealand. Stocks rallied Friday, extending major benchmarks' biggest weekly gains of the year as speculation about potential Spanish bailout talks over the weekend buoyed sentiment. The Dow added 0.8%, while the Nasdaq gained 1.0%. Treasury bonds sizzled earlier on fears over Spain's banking crisis, but the rally lost traction as hopes emerged that European policy makers might come to the rescue to keep potential contagion in check; five-year yields were flat at 0.712% while 10-year yields were down 1.5 bps at 1.639%. August Comex gold rose $3.40 to settle at $1,591.40 a troy ounce. Nymex July crude finished 72 cents lower at $84.10 a barrel.
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