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To: Zardoz who wrote (36138)	6/29/1999 4:01:00 PM
From: Enigma	Respond to of 116752

I'm not blessed with the second sight, let alone the gift of thought reading - but we're into interesting times with the BofE auction approaching. We're not going to know who will be bidding - so one can only speculate - and my speculation is that the US Treasury will be a bidder. I just don't buy the premise that all CBs act in unison, or have the same view of gold's role, or lack of same. On the other hand, it's hard to see where the BofJ will be in this - after all they urged the IMF to step up sales - but it could be that they were trying to shake some loose. d

To: Zardoz who wrote (36138)	6/29/1999 4:43:00 PM
From: goldsnow	Respond to of 116752

if Mr Greenspan raises rates too aggressively, then he risks kicking away the supports placed under the US stock market. And if the stock market comes crashing down, then the world economy could come crashing down as well. The comforting thing is that Alan Greenspan fully understands the dilemma. He knows his job is to hit the economy hard enough to knock the inflationary pressure out of it, without killing it off altogether. The worrying thing is that gauging precisely the right amount of force to use is very difficult indeed. news.bbc.co.uk Who is Greenspan think he is Vladimir Lenin? <gg>

To: Zardoz who wrote (36138)	6/29/1999 9:21:00 PM
From: goldsnow	Respond to of 116752

Dollar Stalls Near 1-Week Low vs Yen Amid Speculation BOJ May Sell Yen By Miki Anzai Dollar Near 1-Week Low vs Yen Amid Speculation BOJ May Sell Yen Tokyo, June 30 (Bloomberg) -- The dollar stalled near a one- week low against the yen amid speculation Japan may sell its own currency to help the nation's exporters and fledgling economic recovery. Without intervention, the yen is poised to rise as mounting optimism that Japan's sluggish economy has started recovering lifted the nation's benchmark stock index to a 20-month high, increasing demand for the yen to purchase Japanese shares. The Nikkei 225 index rose more than 0.7 percent in early morning trading. ''Unless Japan buys dollars, it will fall and won't recover 121.75 yen today,'' said Hiroshi Sakuma, a foreign exchange manager at Barclays Bank Plc. Even so, the dollar won't plunge as ''intervention fear reigns in the market, especially during Tokyo trading hours.'' The dollar was quoted at 121.18 yen, up from 121 yen in late New York trading yesterday. Yesterday's low was 120.75 yen, its weakest since June 21. The euro was quoted at $1.0329, up from $1.0319 in New York. It was quoted at 125.02 yen, up from 124.89 yen in New York. Traders were also cautious about buying dollars before U.S. central bankers finish a two-day meeting today to set interest rates. All 29 of the primary dealers in Treasury securities expect the Federal Reserve to raise its 4.75 percent target overnight rate by a quarter-point today. While U.S. bonds and stocks rose for a second day yesterday, U.S. equities may resume their decline and sap demand for the dollar if the Fed leans toward raising interest rates further, after the expected rate increase today. ''Japan may just talk down the yen until the close of the FOMC (Federal Open Market Committee) and actually intervene if the dollar, stocks and bonds fall on the FOMC result,'' said Sakuma. Eisuke Sakakibara, vice finance minister for international affairs, asserted today that Japan has firm intention to stem the yen's rise and is carefully watching the yen's movement against the dollar and the euro. Japanese Finance Minister Kiichi Miyazawa said yesterday that he doesn't expect the yen to rise rapidly after the FOMC. The Bank of Japan has sold yen four times so far this month, buying an estimated $15 to $20 billion in the dollar-yen market on June 10, 14 and 21. In addition, the Japanese central bank sold yen for euros on June 21 and induced the European Central Bank to buy euros for yen on its behalf on June 18. A rising yen can stifle recovery because it boosts the price of exports and can prune companies' overseas earnings. Since the Bank of Japan intervened last, on June 21, the dollar has traded near 120 yen. In other trading, the dollar was little changed at 1.5510 Swiss francs, compared with 1.5498 francs in late New York trading yesterday. The British pound was quoted at $1.5742, little changed from $1.5727 in New York. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.