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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Terry Whitman who wrote (51175)7/12/1999 10:33:00 AM
From: John Pitera  Read Replies (1) of 86076
 
Terry, I see where the Finnish Finance Minister said that the weakness of the Euro was completely natural... Ho ho ho.

And the comments from the chinese central bank on the yuan were a bit unsettling as well.

Weekend action in the FX market continued to focus on a defensive euro,
with the currency sliding to new lows for the year at $1.010-1.020/euro
(cash). The euro continues to be plagued by worries about European
growth and ongoing sense that this bout of weakness is welcome to
European authorities and in line with fundamentals. Today the slide was
greased by comments from Finnish FM Ninisto who referred to the weakness
in the euro was "completely natural" and by weaker than expected data
out of Germany with industrial production in May down 0.2% compared to a
0.4-0.5% gain forecast. On the plus side we again had ECBers offering
words of support for the currency but the market had little response.
Buba's outgoing President Hans Tietmeyer stated that monetary policy can
do no more and offered supportive thoughts regarding longer term outlook
for euro. SF followed the defensive tone in the euro, sliding to new
lows for the year against the dollar too and trading with a weak tone
against the euro itself. BP, however, was slightly firmer. UK
reported June producer price data which offered little inspiration. PPI
input prices were up 0.6% in the month vs. -0.2% in May and were down
1.0% YoY vs. -2.8% YoY in May. Output prices were unchanged in the
month and up 1.0% YoY vs. +0.9% YoY in May.

JPY was sidelined with main focus on euro-crosses. Market still
watching BoJ/MoF FX policy with some focus of attention on sense of
discomfort with supposed Japanese "management" of the exchange rate.
For now mixed flows continue to keep the currency choppy. There was a
mild bout of yen selling triggered in response to some comments from
China's central bank head who referred to the yuan rate as "market
determined." This triggered talk of yuan devaluation. Later, however,
a spokesman from the Bank of China clarified that the BoC's policy has
been one of a market determined, managed floating rate since 1994 and
remains unchanged.
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