Monday News Round-Up

Report: More troops needed for Afghan war success

“WASHINGTON — The top U.S. and NATO commander in Afghanistan has reported to President Barack Obama that without more troops the U.S. risks failure in a war it’s been waging since September 2001.

“Resources will not win this war, but under-resourcing could lose it,” Gen. Stanley McChrystal wrote in a five-page Commander’s Summary. His 66-page report, sent to Defense Secretary Robert Gates on Aug. 30, is now under review by Obama.”

Dollar Gains on Rivals

“NEW YORK — The dollar is stronger Monday as the yen and higher-yielding currencies give back some of their recent gains versus the greenback while investors consolidate their positions.

With markets in Japan, Singapore and several other Asian countries closed Monday for holidays, the dollar took advantage of thin conditions to push to an almost two-week high against the yen, although remaining in range.”

Oil Prices Slide Below $70

“NEW YORK – Crude futures fell Monday as the market’s two biggest cues in recent months, the dollar and equities, both pointed to sharply lower oil prices.

Light, sweet crude for October delivery recently traded $2.63, or 3.7%, lower at $69.41 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $2.85, or 4%, lower at $68.47 a barrel.

The dollar stretched a correction into a second day after hitting its weakest point against the euro this year on Thursday, raising the relative cost of commodities priced in the U.S. currency. Oil prices came close to a 2009 high as the dollar weakened steadily earlier this month.”

Obama to focus on innovation in New York speech

“WASHINGTON (Reuters) – President Barack Obama travels to New York on Monday to promote his strategy to improve the U.S. economy by spending on education and innovation, as he shifts his focus from healthcare reform to a week of diplomacy and international economic issues.

Obama will talk about his strategy, building on more than $100 billion in economic stimulus funds, as well as regulatory and other initiatives, in a speech at Hudson Valley Community College in Troy, a city in eastern New York 140 miles north of New York City, the White House said in a statement.”