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Strategies & Market Trends : MOVING NOW!

CTIC 9.090

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Jun 26 5:00 PM EST

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To: X Y Zebra who wrote (7129)	5/7/2002 8:38:24 AM
From: X Y Zebra	of 8046

Dollar Rebounds Strongly vs Euro and Yen on Short Squeeze by Jes Black At 8:30:00 AM US Q1 Unit Labor Costs prel. (exp -3.7%, prev -2.7%) US Q1 Productivity Prel. (exp 7%, prev 5.2%) At 2:15:00 PM US FOMC Rate Decision Expected (exp 1.75%, prev 1.75%) At 3:00:00 PM US March Consumer Credit (exp $5.8 bln, prev $7bln) The dollar rose sharply across the board in European trade, pushing the euro down half a cent to a low of 91.39 and retested Thursday's high of 128.10 to put it up 1.5 yen on the day. Markets were expected to trade quietly ahead of today's US productivity data for Q1 at 8:30 AM and the US FOMC rate decision late at 2:15 PM. However, profit taking from 2-month lows against the yen and 7-month lows against the euro lead to a short squeeze, driving the dollar higher across the board. Interest rates are expected to remain on hold because of the uncertainty over final demand. Therefore, markets will be more interested in reading the statements for clues at to what officials think about the economic recovery. Any positive statement by Fed Chairman Greenspan would have to undo much of the recent damage to the dollar, which has been under pressure recently due to concerns over the sustainability of the US current account deficit and signs of a slowdown in the recovery. more... forexnews.com

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