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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: UnBelievable who wrote (271513)	12/19/2003 4:29:53 PM
From: mishedlo	Read Replies (1) of 436258

Look at this! Portfolio flow data from the US Treasury first pushed the greenback lower on Monday after the report revealed net inflows in October - at $27.7bn - were not enough to cover America's $47bn monthly current account deficit for a second consecutive month. Data on Tuesday showed the US overall current account deficit remained near record levels in the third quarter although Monday's October capital flow numbers implied little sign of a pick up in the current quarter. Weekly custody data from the Federal Reserve also underlined the gloomy dollar picture on Thursday. Holdings of US bonds on behalf of official organisations - a proxy for central bank buying - rose $11.5bn to a record $1,057bn in the week to December 17. "It's central banks who are funding the US deficit," said Simon Derrick at Bank of New York. "Private bond investors fear the effect of a weakening dollar on asset values and in equities, those looking to invest in a US recovery are investing in the companies that sell to the US - in other words, they're looking at Asia." The US currency extended its losing streak against the euro to 13 fresh lows in 16 trading sessions. news.ft.com

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