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To: lorne who wrote (35195)	6/11/1999 5:56:00 PM
From: goldsnow	Respond to of 116753

Dollar dented at US close as other economies shine NEW YORK, June 11 (Reuters) - The dollar tumbled on Friday to end a turbulent week sharply lower as investors left America's long dominant asset markets when Japan and Europe surprised participants with fresh signs of economic growth. ''This week may have been a turning point for the euro and the yen. Stronger economic data may have validated something, and people are beginning to shift out of U.S. markets,'' Barclays Capital senior economist Henry Willmore said. Just one week after setting a string of lifetime lows, Europe's single currency bounced to close the week more than 2-1/2 percent higher against the dollar. The yen surged over 3-1/2 percent since Monday. At the close, euro/dollar stood at $1.0528/33, up from its $1.0477/79 open. Dollar/yen closed at 117.88/98, down from 118.35/45. The dollar started the week's slide Tuesday when Germany posted a 0.4-percent gain in first quarter gross domestic product, which prevented the 11-nation euro bloc's biggest economy from slipping into a recession. More good economic news and peace in Kosovo accelerated the rise, and by Friday, the market was ready to take the euro briefly past key resistance at $1.0550. By Friday, traders applauded gains on the Frankfurt, Paris, and London stock exchanges as Wall Street extended losses. ''Just look at how well equity markets around the world, including in Tokyo, did today while the Dow Jones industrial average fell again,'' a dealer at an investment bank said. In Japan, where the economy had languished in a recession for nearly two years, the news was similarly good when the government on Thursday reported that gross domestic product had gained 1.9 percent in the first three months of the year. Job creation measures unveiled overnight Friday and a rise in Japanese government bond yields then helped the yen more. Even the Bank of Japan's efforts to slow the yen's recent sharp rise on Thursday fell flat as investors tried their luck anew and cautiously kept selling dollars for yen. As economies around the world leaped to life, the U.S. economy retained its long running strength which helped heighten fears that the central bank will raise it key 4.75 percent federal funds rate in late June to prevent economic overheating. On Friday the government reported a 1.0 percent rise in May retail sales and a 0.2 percent gain in producer prices, suggesting that last fall's rate cuts were no longer needed. With a looming rate hike, U.S. markets stumbled all week. The Dow Jones industrial average fell for the fourth straight day, ending 1.23 percent lower at 10490.51. While the benchmark 30-year Treasury bond tumbled, leaving the yield to reach 6.15 percent around the close. Traders remained nervous about the prospect for higher rates and market talk, denied by the Federal Reserve Bank of New York, that an emergency meeting will be held over the weekend persisted well past the close of trading. Elsewhere the dollar also sank to 1.5170/75 Swiss francs from 1.5238/48. The British pound surged to $1.6165/75 from $1.6090/00. Traders said the buying may be related to continental European companies' plans to acquire a British telecom group. The dollar rose against the Canadian dollar to C$1.4615/25 from C$1.4597/07. The Australian dollar closed at $0.6645/50, rising from $0.6638/43. (Note: this article is ''in progress''; there will likely be an update soon.) biz.yahoo.com

To: lorne who wrote (35195)	6/11/1999 8:13:00 PM
From: John Hunt	Read Replies (2) \| Respond to of 116753

Russian troops arrive in Kosovo capital << A column of Russian troops arrived in Kosovo's capital Pristina early on Saturday, CNN television reported. Its correspondent in Pristina said the troops arrived shortly after 2330 GMT, with columns of tanks heading down the streets and towards the city's airport. They were greeted by huge crowds. >> abcnews.go.com US stunned at Russian move into Kosovo, contrary to previous assurances ... Meetings under way at the White House.