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Strategies & Market Trends : The Options Box

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Nov 3 4:00 PM EST

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To: Jeff Jordan who wrote (10708)	4/26/2001 10:03:16 PM
From: hobo	Read Replies (1) of 10876

End of day currency notes: (from Schwab e-mail) Currency News JAPANESE CURRENCY IN THE SPOTLIGHT The yen took center stage today, as the U.S. dollar rallied to its strongest levels against the yen since April 18. Traders' initial sentiment over Japanese cabinet picks was less than enthusiastic to say the least. Comments from the new minister of finance that the yen's level should be left to the markets also weighed on the yen. As if this were not enough, the International Monetary Fund's chief economist said it would not be a problem for Japan or the markets if the yen weakened "modestly." The European Central Bank left rates unchanged at its meeting early this morning, which was not a surprise to anyone. But while the euro has been punished this year for the ECB's lack of action on the rate front, the common currency popped higher on the news and held near highs into the close. However, the move higher was more a function of traders covering trading positions taken before the meeting rather than an endorsement of the ECB's lack of action.

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