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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who started this subject	3/14/2004 4:23:35 PM
From: gregor_us	Read Replies (3) of 116555

Dollar Strength Consensus Grows Among Traders. quote.bloomberg.com Dollar May Be Nearing End of Two-Year Slide Against Euro, Pound March 15 (Bloomberg) -- The dollar may be near the end of a two-year slide against the euro and British pound as evidence mounts that Europe's higher interest rates and stronger currencies are eroding economic growth. Only a third of the 62 investors, traders and strategists polled from Tokyo to New York on Friday advised buying euros for dollars. Less than a quarter advised purchasing the currencies of Britain and Australia, where central banks have increased rates twice since the end of October. ...and yet... Futures contracts show traders have pushed back the expected timing for a Fed rate increase. December Eurodollar futures, a forecast for a three-month lending rate that's averaged 23 basis points higher than the Fed's target over the past 10 years, yielded 1.57 percent Friday, from 1.73 percent two weeks earlier. ``The dollar has another bout of weakness ahead'' and may reach $1.28 per euro this year, said Michael Goosay, 34, who manages about $2 billion in global assets at Prudential Investments in Newark, New Jersey.

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