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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (1960)	6/2/2000 10:54:00 AM
From: John Pitera	Read Replies (2) of 33421

The Euro, AUD, CAD have all had strong rallies today. ----09:07 ET 30-year: +44/32..5.847%....GNMAs: +24/32....$-¾: 108.08....Euro-$: 0.9470 Currency Implications: Today?s soft employment data seems to be prompting some readjustment in the foreign exchange market. Of interest, the euro has pushed to 6 weeks highs against the dollar, and is now firmly above the $0.9400 level. Keep in mind that we argued last week that with the pickup in overtightening fears in the market, the euro would likely be rewarded by a steady monetary policy on the part of the ECB. Not only did the euro rally in the wake of the ECB?s decision to leave rates unchanged last Thursday, but further credibility has come from today?s thoughts of a less aggressive Fed going forward. This dynamic is not limited to the single currency however, as this morning has seen sharp rallies in interest rate sensitive currencies such as the Australian dollar, the Canadian dollar, and the British pound.-- I really believe that some serious money is going to be made in the coming 6 to 9 months by those long the AUD. Sterling is interesting me from the long side. Gold's up 9 bucks today I notice. John

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