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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who started this subject	1/10/2001 8:08:35 AM
From: friverola	of 3536

Dollar recovers ground against euro By the Financial Times Article collected by Forex Street fxstreet.com The dollar clawed back lost ground against other major currencies on Tuesday as fears of financial instability in the US continued to fade. Rumours at the end of last week suggesting that the Federal Reserve's rate cut had been prompted by as yet undisclosed losses in the banking system helped send the dollar to a six-month peak against the euro close to $0.96. On Tuesday the dollar pushed the euro back to around $0.94, with the US currency also advancing against the pound and yen. Monday's meeting of G10 central bankers offered specific reassurance over the health of the US banking system. Traders were also mildly encouraged by the bankers' upbeat message on the global economy, which stressed expectations of a soft economic landing. Bearish forecasts from Morgan Stanley Dean Witter - which became the first big investment bank to predict a US recession in the first half of the year - were a talking point in the market but did little to dent sentiment. There was also a sense that the euro's rally - which had taken the currency almost 15 per cent higher over the past month - may have gone too far too fast. "There seems to have been a bit of indigestion from euro bulls," said Ray Attrill, director of research at economic consultancy 4Cast in London... fxstreet.com

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