John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (1543)	5/9/2000 2:54:00 PM
From: John Pitera	Read Replies (1) of 33421

obviously the USD has been a one-way ride higher, and few are short it so that could lead to a reversal, what is needed for that to occur is a psychological inflection point towards the greenback. We don't seem to be there yet. One thing to realize is that people are looking around Globally at yield investments to preserve Capital and the USD is giving more bang for the buck. --------- ---06:57 ET 30-year: -2/32..6.248%....$-¾: 109.36....Euro-$: 0.8954 Overnight FX Summary : The dollar continues to look firm both against the euro and the yen as mounting speculation of a 50 bps Fed rate hike suggests a further widening of the interest rate differential. Dollar-yen has furthered its ascent from the 107.27 low of 5 May back towards the 109.61 high of the major move ? now at 109.38. Sellers are seen on the approach of 109.60 but, in the event it breaks, gains to the 110.60 area are envisaged. The euro-dollar is on the low of its 0.8950 ? 0.9000 range for the day and looks set to test and break Monday?s 0.8918 low. This would break the rising series of day lows since May 4, ultimately signalling that major new lows for the move are at risk ? possibly towards the 0.8740 region...------

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