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Politics : Formerly About Applied Materials

AMAT 324.43

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To: StanX Long who wrote (58761)	1/14/2002 2:10:01 AM
From: StanX Long	Read Replies (1) of 70976

01/14 01:34 Dollar Falls; Greenspan Signals Economic Recovery Not Assured By Christina Soon quote.bloomberg.com Singapore, Jan. 14 (Bloomberg) -- The dollar fell for a third day after Federal Reserve Chairman Alan Greenspan said an economic recovery is not assured, diminishing the appeal of U.S. assets. Greenspan said Friday in a speech in San Francisco it's ``premature to conclude that the forces restraining economic activity here and abroad have abated enough to allow a steady recovery to take hold.'' The dollar fell to 89.45 U.S. cents against the euro from 89.24 in New York Friday. Against the yen it fell to 131.79 per dollar from 132.21 in New York. Trading was less than usual because of a Tokyo holiday. ``Greenspan's speech is a trigger point for dollar weakness,'' said Carlos Cheung, chief foreign exchange dealer at Bank of East Asia Ltd. in Hong Kong. The Fed chairman also said job losses, currently at a 6 1/2 year high of 5.8 percent, will continue to rise, dousing optimism the country's consumers can steer the economy to recovery. Business profits and investment also ``remain weak,'' he said. ``People don't have a strong reason to buy dollars,'' said Peter Soh, managing director for Treasury and Markets at DBS Bank in Singapore. ``A lot of people were expecting the U.S. economy to recover by the second half, but Greenspan's speech didn't convince them. The dollar's going to trade on the softer side today.''

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