Dollar nose dives
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Forex - Dollar sharply lower in midmorning Tokyo on US economic uncertainty
The dollar was sharply lower in midmorning trade in Tokyo due to lingering concerns over the outlook for the US economy and markets, dealers said.
The US currency was also hit by reported comments made by Japanese Finance Minister Masajuro Shiokawa at the ASEM meeting saying he sees the risk of the yen appreciating towards the 115 yen level, they said.
Tatsuro Karitani, foreign exchange manager at Mizuho Corporate Bank, said US corporate accounting scandals continue to make the dollar vulnerable.
There is talk in the market that a leading US oil firm is involved in a similar accounting fraud to that at WorldCom, according to dealers.
"Participants, therefore, will continue to focus on US leads, including the performance on Wall Street and the depth of accounting scandals," Karitani said.
"However, unless there are fresh accounting scandals, the dollar/yen is most likely to be confined to a narrow trading range of 118-122 yen."
The euro was pushed higher against the dollar thanks to talk of more US accounting scandals, dealers said.
"Even so, unless there are more encouraging leads, it may be difficult to push the euro out of the 0.96-$0.99 trading band," Karitani said.
Tokyo 10.00 am New York 1.30 pm London 3.49 pm
Dollar
yen 119.34 down from 120.24 120.12
sfr 1.4989 down from 1.50965 1.1.5074
Euro
usd 0.9803 up from 0.9731 0.9730
stg 0.6413 up from 0.6392 0.6395
yen 116.99 down from 117.03 116.90
sfr 1.4694 up from 1.4660 1.4666
Sterling
usd 1.5286 up from 1.5216 1.5214
yen 182.42 down from 183.01 182.72
sfr 2.2912 down from 2.2927 2.2925
Australian dollar
usd 0.5588 up from 0.5558 0.5580
stg 0.3656 up from 0.3651 0.3668
yen 66.69 down from 66.82 66.79
© AFX News
Story filed: 02:29 Monday 8th July 2002
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