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Pastimes : ITS THE ECONOMY STUPID II
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To: jackhach who started this subject5/18/2003 10:45:19 PM
From: Julius Wong   of 113
 
Dollar Falls as Snow Calls Currency's Decline `Fairly Modest'

Tokyo, May 19 (Bloomberg) -- The dollar, down 21 percent in the past year against the euro, hit a 52-month low versus its European counterpart after Treasury Secretary John Snow called the drop ``fairly modest.''

The U.S. currency also fell against the yen after Snow signaled he is comfortable with the dollar extending its decline, departing from the ``strong dollar'' policy honed under then- Treasury Secretary Robert Rubin during the Clinton administration, analysts said. The dollar has fallen 8.8 percent against the yen in the past 12 months.

``To describe that decline as modest beggars disbelief,'' said Robert Rennie, currency strategist in Sydney at Westpac Banking Corp. ``There's a significant risk'' of a ``dollar rout.''

The dollar dropped to $1.1704 per euro at 10:35 a.m. in Tokyo, from $1.1588 late in New York Friday, its weakest since January 15, 1999. The U.S. currency also fell to 115.43 yen, from 116.07 yen.

quote.bloomberg.com
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