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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.35

+0.4%

Nov 6 4:00 PM EST

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To: Rarebird who wrote (71711)	6/14/2001 7:42:58 PM
From: long-gone	Read Replies (1) of 116753

you're right Dollar Falls as Manufacturers to Lobby for a Weaker Currency New York: The dollar fell to a three- week low against the euro after the National Association of Manufacturers said it will pressure the Bush administration to back away from its support of a strong U.S. currency. ``The dollar has been taking a bite out of the manufacturing sector,'' said Robert Blake, a senior economist at Royal Bank of Scotland Financial Markets. ``It's pretty clear they have a point.'' A strong dollar acts as a drag on manufacturers by eroding the value of their overseas earnings when translated back into the U.S. currency. While helping to quell U.S. inflation by keeping down import prices, it also makes exports less competitive on foreign markets. The dollar dropped a third day, to 86.22 U.S. cents from 85.53 late yesterday in New York. It fell to 121.38 yen, from 122.12. The U.S. currency reached a 15-year high this week against a basket of other major currencies, including the euro, yen and British pound. Today, it posted its biggest drop in two months against that group of currencies. bloomberg.com

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