PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Kenneth E. Phillipps who wrote (402881)	5/5/2003 1:53:15 PM
From: jackhach	Read Replies (3) of 769670

Does the rest of the banking world KNOW something that we don't. They keep selling dollars -- essentially devaluing investments in American-based assets, money-markets. Euro/dollar breaks atop key $1.13 area By Rachel Koning, CBS.MarketWatch.com Last Update: 1:30 PM ET May 5, 2003 NEW YORK (CBS.MW) - The dollar weakened to a fresh four-year low on euro in Monday's action as investors bet against a U.S. economic rebound and higher Fed interest rates. The single currency also struck four-year peaks against yen and sterling and neared the 1 1/2-year high on the Swiss reached last week as investors find yield advantages with euro. Euro/dollar's move above $1.13 engaged a flurry of open-interest positions in the forex market that were waiting for the cross the break through this area of chart congestion. A report on the U.S. service sector showed improvement for April, but a separate release indicating more layoffs renewed skepticism for a post-war U.S. economy's chances at recovery. Euro zone interest rates at 2.50 percent are double the 1.25 percent target U.S. rate. The Fed meets Tuesday and while economists are mixed on whether or not the central bank panel cuts again, most are convinced rates aren't going higher any time soon. Japanese interest rates are at zero. While the Bank of England's rates do lie north the ECB, at 3.75 percent, more analysts look for U.K. rates to be cut. Against the yen, the euro topped Friday's four-year high of 133.78 yen to trade at 133.82 yen before slipping back to 133.69 yen. It's up about 0.1 percent. The euro extended a four-year high against sterling, rising to 70.27 pence. The euro edged higher against the Swiss franc to 1.5140 , up 0.33 percent on the day. Rachel Koning is a reporter for CBS.MarketWatch.com in Washington. Treasury's eased in price as a record supply of Federal borrowing hit this week. -JH

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