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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who started this subject	5/10/2001 6:10:26 AM
From: friverola	of 3536

Yen gives up its gains against dollar (Financial Times) Thursday May 10, 2.001. 7.30AM GMT. ft.com The yen, which has strengthened almost three cents against the dollar in the last fortnight, turned tail and lost more than a cent on Wednesday. By market close in Tokyo it was about Y121.53, slipping further to close European trading at Y122.1. The euro also resumed its downward creep, approaching the year's low of $0.8774 it hit at the end of March. The euro reached $0.8813 Wednesday before rebounding a little. It also remained weak against the yen, though bouncing a little off Tuesday's low of Y107.24, the lowest since late February. The mighty dollar also strengthened yesterday against the Swiss franc, topping US$1.74, its highest level since November 29 last year. One of the few currencies holding its own was the Australian dollar, which put on about a third of a cent to take it just below 52 cents against the US dollar. A strong rise on the Westpac index of consumer sentiment in Australia provided support. The New Zealand dollar followed it upwards, bouncing above US$0.42. The temptation was to attribute the yen's abrupt about-turn on Wednesday to the downturn in the Tokyo stock market. Investors already seem to be calling an end to the honeymoon period for Junichiro Koizumi, Japan's new prime minister. Full Story, fxstreet.com

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