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Strategies & Market Trends : John Pitera's Market Laboratory

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To: GROUND ZERO™ who wrote (1887)	5/31/2000 4:06:00 PM
From: John Pitera	Read Replies (1) of 33421

The SSB futures folks have been long the euro and stopped out at different points this year, they are still at it: European currencies Euro -----Euro holding above US$0.93/euro in quiet trade. Talk of Bundesbank euro bids below the US$0.9300/euro region. Comments from EU authorities continue to focus on need for firmer euro with attention now being shifted to the upcoming EU summit on June 9. Speculation about a brewing possibility of a joint effort to help strengthen the currency continues to make the rounds. Yesterday's strong action in the Nasdaq did help the dollar to recover some ground against the euro but the mood on US prospects is waning enough to keep the downside action in the euro to a minimum. The market response to US data tomorrow and Friday (NAPM and jobs) will be key. Much of continental Europe is out tomorrow for Ascension day so dealing could be somewhat choppy. Looking ahead market is once again contemplating the possibility of an ECB rate hike at nex week's council meeting (June 8). We're holding a long June euro position with an interim target of US$0.95-96/euro, and an eventual target of $0.98-1.02 in place. ------

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