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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Chip McVickar who started this subject	1/19/2001 4:45:51 AM
From: friverola	of 12411

Euro recovers after poor US news By the Financial Times ft.com Friday January 19, 2.001. Article collected by Forex Street Weak economic data from the US injected life into the flagging euro on Thursday. The euro's rally had run out of momentum in recent sessions as confidence in the US economy and financial system revived. But a steep fall in the closely-watched Philadelphia Federal Reserve's manufacturing business conditions index - the second steepest in history - dealt a blow to the dollar. Analysts said the report would revive the prospect of a 50 basis point cut by the Federal Open Market Committee, which meets at the end of the month. The euro swiftly rose half a cent to close the London session at $0.945, compared to the previous day's level of $0.93. The effect on the dollar, however, was partly offset by a stronger tone in the stock market. The dollar also lost ground against the yen, having risen to an 18-month high over Y119 in Asian trading. By it ended the session at Y118 against the dollar. fxstreet.com

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