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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: X Y Zebra who wrote (1954)	7/9/1999 3:24:00 PM
From: X Y Zebra	Read Replies (1) of 3536

quote.bloomberg.com Euro Drops; ECB Not Seen Arresting 13 Percent Decline The euro dropped against the dollar for the ninth day in 10 amid speculation the European Central Bank won't buy the currency to arrest this year's 13 percent decline. ''There's a policy of benign neglect towards the currency,'' said Jim Power, the chief economist at Bank of Ireland. Investors are suffering a ''major crisis of confidence with the currency'' and it could fall to 98 cents in two weeks, he said. The euro fell to $1.0182 from as high as $1.0240 earlier and compared with $1.0209 late yesterday. It dropped as low as $1.0153 yesterday, its weakest level. It fell to 124.82 yen from 125.21 late yesterday. The dollar was little changed at 122.54 yen, near a six-week high. German Finance Minister Hans Eichel yesterday welcomed the boost that the euro's decline will give to exports and said it's ''no problem.'' European Commission President Romano Prodi echoed that remark, saying he's ''not worried,'' and on Wednesday ECB Vice President Christian Noyer said it's not necessary to buy euros. <snip> I say, arrest the bureaucrats that dreamed up the idea in the first place, and I bet you that some European currencies may go up. <g>

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