Forex News USD/JPY hits 1-month high 107.99 early but soon pares gains to return to overnight levels as Japanese manufacturers repatriate earnings; USD/JPY last 107.85, flat vs late NY; EUR/USD at 1.5694 vs 1.5690, EUR/JPY at 169.28 vs 169.37. RBNZ surprises markets, cuts official cash rate to 8.0% from 8.25%, 1st cut since July 2003, indicates further easing on cards if domestic economy continues to slow; NZD/USD dragged lower, last 0.7423 vs 0.7495 before announcement. Singapore's central bank ups 2008 inflation forecast to 6%-7% from 5%-6% earlier, saying external developments continue to put inflationary pressure on economy; but MAS says policy stance remains "appropriate"; move weighs on USD/SGD, last 1.3611. Japan trade surplus down 88.9% Y/Y at Y138.6 billion in June, vs 63.9% decline tipped; adds to worries over economic outlook amid already shrinking corporate profits. Regional stock markets broadly higher on recent drop in oil prices; Nikkei ends +2.2%, Kospi +2.2%, HSI +0.6%, NZX-50 +2.7%, Shanghai +2.2%; Sensex down 1.0%. September Nymex crude last $124.59/bbl, up 15 cents.
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