In early trading, the euro is at $1.2372.

The U.K. pound advanced to more than a 5-week high of $1.4889 against the dollar on stronger than expected retail sales. Investors’ confidence was restored by the high demand for British national debt in the stock market when the fear that stock prices would plummet due to eurozone deficits did not materialize.

The Canadian dollar weakened versus its U.S. counterpart for the first time in three days as raw materials such as crude oil and copper declined and as a report showed wholesale sales unexpectedly fell in April.

The loonie was at $.9731 in early trading.

The euro is trading at $1.2375, up from $1.2304 in North American trade late Wednesday.

The U.K. pound was bolstered in part by stronger-than-expected May retail sales data. The Office for National Statistics said sales jumped 0.6 percent from April, exceeding forecasts for a 0.3 percent rise.

The pound is trading at $1.4815, gained ground versus a weakening dollar and up from $1.4791 on Wednesday.

Canada’s dollar erased an earlier gain versus its U.S. counterpart as equities fell, making growth-linked currencies less attractive. The currency rose as much as 0.7 percent after equities rebounded from the day’s lows and Bank of Canada Governor Mark Carney suggested economic conditions require steadily increasing interest rates.

The loonie is trading at $.9760.

The euro is trading at $1.2341, up 1 percent.

The U.K. pound has come off its highs against the dDollar, as some investors are awaiting the presentation of the emergency budget on June 22, a factor keeping the currency in check.

The pound is 0.27 percent lower against the dollar, at $1.4774 in early London trading.

The Canadian dollar edged up against the U.S. dollar on moderately firmer energy prices.

The loonie is trading at $.9719.

The ratings on TOSL continue to reflect the company’s strong market position, competing in niche markets and offering a 24/7 operation. TOSL’s strong brand equity through offering quality products and services with exclusive distributorship licence through strategic alliances also supports the ratings. These business strengths continue to be reflected in good profitability and debt protection measures which though declining somewhat from prior year, remain comfortable around 2007 levels. The financial performance is expected to be tempered over the next year as energy companies continue to delay capital projects as a result of relatively low global demand and product prices. These strengths continue to be tempered by TOSL’s high reliance on the energy sector and high working capital requirements. Further tempering the ratings is the low operating efficiency with replication of services among the operating divisions. This is expected to improve over the next year with the establishment of a Project Manager position to consolidate major bids across the divisions. The business continues to be heavily reliant on its Promoter and Chief Executive Officer, though efforts are being made to gradually reduce this reliance.

TOSL Engineering Limited is a 100% Trinidadian owned, private limited liability company incorporated in 1979, but commenced operation in March 1982. TOSL provides engineering services and products to the oil and gas (including petrochemicals), utilities and manufacturing (including steel and cement) sectors in T&T. TOSL currently has seven main business divisions - Engineering Services, Electrical Instrumentation and Automation, Upstream Energy Services, Inspection and Testing Services, Safety Sales, Petrochemical and Process Engineering, and Industrial Sales.

EUR/USD is at $1.2287 in early trading.

The U.K. pound dipped after data showed May consumer price inflation slowed more than expected to 3.4% from 3.7% in April. Economists had forecast a reading of 3.5%. The slowdown undercut ideas that the Bank of England could be forced to move rates higher by the end of the year.

GBP/USD is at $1.4751, down from $1.4766 on Monday.

Canada’s dollar rose for the first time in three days as U.S. stock-index futures and crude oil advanced and on speculation the nation’s central bank will raise interest rates faster than other countries. Canada is poised to become the first Group of Seven economy to reach pre-recession levels of output, Bloomberg surveys show.

The loonie is trading at $.9708.

TRINIDAD
Over in Trinidad, the All T&T Index declined slightly while the Composite and Cross Listed Indices posted gains for the week. Twenty equity securities recorded trading activity, with an advance decline ratio of 1:4, while 15 traded firm. Approximately 2.8 million units crossed the floor of the exchange valued at almost TT$21.6 million. The sole advancer, First Caribbean International bank traded up 45 cents to close at TT$8.25 cents per share.

JAMAICA
The major indices on the JSE posted mixed results as over 6.6 million units valued at J$89.7 million changed ownership. Of the 34 stocks which traded, decliners outnumbered advancers 12 to 16 while another 6 traded firm. Sagicor Life Jamaica followed by Cable & Wireless Jamaica were the most popular traded companies, while Guardian Holdings led the advancers trading up by almost J$50.00

INTERNATIONAL
Internationally, stocks are at their cheapest level relative to bonds since the collapse of Lehman Brothers increasing overall demand for equities in the short term. US consumer confidence also rose to its highest level since January 2008, as rising equities curbed demand for gold and other precious metals as investments to protect wealth.
And in currencies news, despite the increasing volatility in the currency markets, the Canadian dollar rose to its highest level as concern eased that the global economic recovery will come to a standstill. However, Europe’s worsening sovereign debt crisis continued to weaken prospects for a rebound in the euro as Goldman Sachs reversed its forecast downward for the euro to a seven year low of $1.15 to the US; as demand reduces for the currency.

• NCBJ - CariBBB- (Regional Scale Foreign Currency) CariBBB (Regional Scale Local Currency) jmAA- (Jamaica National Scale)

• NCBCML - CariBB+ (Regional Scale Foreign Currency) CariBBB- (Regional Scale Local Currency) jmA+ (Jamaica National Scale)

These rated entities were removed from Rating Watch after an evaluation of the consequences for their financial performance following the recently concluded Government of Jamaica domestic debt exchange (JDX).

The main impact of the JDX on the balance sheet of these companies is an improvement in asset quality and a strengthening of the capital base as mark-to-market losses are removed and the new issues recorded at par value. Lower interest rates will, however, result in a lower net interest spread and lower yields on the investment portfolios which will temper the strong profitability experienced over the last few years.

The euro shot higher, as somewhat improved sentiment alongside the lack of any fresh negative news on euro-area banks and finances prompted some traders to scale back negative bets.

The euro is trading at $1.2227, an 11-day high.

The U.K. pound extended gains versus the dollar, breaking above the 1.47 mark as hopes that the global economic recovery was on track offset a cut in the U.K. economic forecast.

GBP/USD consolidated around $1.4735, advancing 1.27 percent.

The Canadian dollar climbed against its U.S. counterpart, hitting a 1-month high amid signs that the global economic recovery is gathering momentum and on the back of rising oil futures.

The Canadian dollar opened at $.9723, up 0.50 of a cent from Friday's close.

In morning trading, the euro was at $1.2115 against the dollar.

The U.K. pound declined after hitting a 9-day high of $1.4761 against the dollar as investors wait for key producer price data for May and industrial production report for April, which are due in the afternoon, EST.

At present, the pound is quoted at $1.4697 against the dollar.

The Canadian dollar rose slightly against its U.S. counterpart as the global economy appeared to be on the mend and Canada's economic fundamentals look to be the strongest in the G7.

The loonie opened at $.9709, up 0.12 of a cent from Thursday's close.