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To: John Hunt who wrote (35752)	6/23/1999 3:39:00 PM
From: goldsnow	Respond to of 117020

FX IN EUROPE - Confident dollar hammers Europe By Deepthi Wickremasinghe LONDON, June 23 (Reuters) - A robust dollar overwhelmed European currencies on Wednesday, reaching multi-year highs against sterling and the Swiss franc and launching a renewed attack on its all-time highs against the euro. The pound hit 21-month lows against the dollar after minutes of the Bank of England Monetary Policy Committee's June meeting heightened speculation that British interest rates had not yet bottomed out. These dollar gains helped lift the U.S. currency to its highest against the Swiss franc since August 1991. ''The trigger for dollar strength today was cable but I don't see any reason for the dollar to turn around until the U.S. moves to sub-trend growth,'' said Adrian Schmidt, international economist at Chase Investment Bank in London. He added the euro looked likely to set new life lows against the dollar in the coming days given it had got within a quarter cent of its all time trough of $1.0254 already today. Sterling was at $1.5778/88 by 1531 GMT, after earlier falling to $1.5764, its lowest since August 1997. It shed over a cent after the release of the MPC minutes, and now risks falling to $1.5710/15, where a six-year trendline offers support. Warning: part of the article may be missing at this point. Meanwhile, dollar/Swiss was at 1.5490/02 francs, having hit a high of 1.5545. Chartists said the next upside target for the dollar was at 1.56 francs, near the August 1991 peaks. Analysts said a sustained rally in dollar/Swiss would have negative implications for the euro. ''The euro really will be demolished and parity (in euro/dollar) won't be a problem,'' said Brian Kiely, treasury technical strategist at the Royal Bank of Scotland. ''It will be a huge turn in sentiment for the dollar for the long term, a very positive influence, and ... very negative for the Swiss franc and the euro.'' (Note: this article is ''in progress''; there will likely be an update soon.) biz.yahoo.com