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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01

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To: James Strauss who wrote (12352)	5/19/2003 10:39:21 AM
From: Bucky Katt	Read Replies (1) of 13094

Jim, continuing our weak dollar discussion, it looks like the the new Treasury sec has gone off the deep end, makes me wish we had Robert Rubin back in the saddle.. From the front page of the WSJ THE DOLLAR FELL SHARPLY against the euro, but Japan's central bank acted to weaken the yen after the White House abandoned verbal support for a strong dollar. U.S. Treasury Secretary John Snow indicated the government no longer measures the currency's strength by its market value, focusing instead on such traits as public confidence. Newly Defined 'Strong Dollar' Signals Change in U.S. Policy Treasury Chief Snow's Strategy Stresses Confidence Rather Than Market Value By MICHAEL M. PHILLIPS Staff Reporter of THE WALL STREET JOURNAL DEAUVILLE, France -- The Bush administration has abandoned the eight-year-old U.S. strategy of verbally supporting a "strong" dollar in foreign-exchange markets, Treasury Secretary John Snow indicated during the weekend. While insisting the U.S. still has a "strong-dollar policy," Mr. Snow redefined what that means in comments to reporters at an economic summit here. He said the U.S. government no longer measures the dollar's strength by its market value against the other major currencies -- the long-accepted premise of that policy. Instead, Mr. Snow said "strong" refers to such aspects of the dollar as the confidence it inspires in the public and its resistance to counterfeiting. The administration's new strategy carries both large potential benefits and risks for the U.S. economy. Currency traders carefully parse Mr. Snow's words, and his comments could trigger another selloff in the already-weakened dollar.

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