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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who started this subject	12/27/2000 5:22:04 AM
From: friverola	of 3536

Yen hits 16-month low on weak Nikkei, dismal data By Reuters fxstreet.com The yen slumped to a 16-month low against the dollar and a nearly 10-month low on the euro in Tokyo on Wednesday as falls in share prices along with weak data deepened pessimism about the outlook for the Japanese economy. Early morning news of weaker-than-expected industrial output in November was initially ignored, but with the Nikkei average under water the market finally latched on to this and other dismal data as an excuse to sell the yen, dealers said. The dollar rose to 114.35 yen its highest level since mid-August last year, with many operators eager to test the closely watched 115 yen level. ``Any news signs of weakness in Japanese stocks and economic indicators will be used as an excuse to sell the yen,'' a Japanese commercial bank dealer said. ``Speculative yen-selling forces are growing as overseas participants are back from holidays trying to join in the latest trend,'' he said. The euro's steep rise against the yen also provided support to the dollar/yen rate. U.S. speculators actively boosting euro longs versus the yen and Japanese trust banks continued to buy euros to unwind hedge positions, dealers said. The reviving European single currency has climbed about six percent in the past week. At 0240 GMT it was at 106.41/54 yen compared with 105.73 yen in late U.S. trade. fxstreet.com

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