An obscure ZIM in Africa traded Down Under Message Board

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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under

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To: TobagoJack who wrote (21)	6/29/2002 10:57:57 AM
From: Maurice Winn	Read Replies (1) of 867

Yen and dollar in tag-team jiujitsu/daisy cutter attack on Aztecs [euro sidekick throws a punch too]: news.ft.com <The dollar jumped sharply against the yen on Friday and recovered somewhat against the euro after Japan's finance ministry confirmed it had asked other central banks to intervene on its behalf to help weaken the Japanese currency. The ECB confirmed it had acted on the Bank of Japan's behalf but the Federal Reserve refused to comment. The action came in London afternoon trading and analysts said the move was carefully planned. "This was good timing - they waited until US traders were in and the US data were out of the way, but made the move ahead of the 4pm fixing point when funds will close their books for the quarter," said Chris Furness, senior currencies strategist at 4Cast, the economic consultancy. It was the first time in the current cycle of BoJ intervention that Japan has asked other banks to act as its agent. Both the ECB and the Federal Reserve were involved in the BoJ's interventions last September. > Same story, different side of the ring; Aztecs crunched: news.ft.com Euro parity party on the side [not quite there yet]: <The news also dragged the euro lower against the dollar. The single currency stood at $0.9897 by midsession in New York after coming close to parity at $0.9990 earlier. The dollar had slipped after US copier giant Xerox restated its earnings and revised down its income for the period between 1997 and 2001. >

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