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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who started this subject	12/26/2000 12:27:55 PM
From: friverola	Read Replies (1) of 3536

Yen Slumps vs Dollar, Euro After Reports Signal Slowing Economy (Bloomberg) fxstreet.com The yen fell to a 16-month low against the dollar and 10-month low against the euro as reports of rising Japanese unemployment and lower household spending heightened concern the world's second-biggest economy is stalling. Today's figures come as economic statistics in recent weeks have pointed to slowing growth, sparking worries the Bank of Japan's decision in August to raise interest rates for the first time in a decade may have been premature, say some economists. The reports show ``across-the-board weakness,'' said Jeremy Fand, head of global foreign exchange strategy at UBS Warburg in Stamford, Connecticut. Currency traders are factoring in ``that (Bank of Japan Governor Masaru) Hayami's going to give back the rate hike.'' Japan's currency dropped to 113.58 per dollar, from 112.93 yen late Friday. It declined as far as 113.65, its weakest since 114.28 on Aug. 18, 1999. The yen fell to 105.50 per euro, from 104.51 Friday, and touched a 10-month low against Europe's common currency. Today's loss is the sixth straight decline for the yen against the euro. Financial markets in London were closed for the Boxing Day holiday. As a result, after the yen's initial move it settled into a narrow range against the dollar, fluctuating mostly between 113.30 and 113.50 yen since the end of Tokyo trading... fxstreet.com

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