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To: Bill Harmond who wrote (69088)	7/23/1999 12:57:00 AM
From: GST	Respond to of 164684

William -- LOL -- what a crazy world. Inflation, deflation, economy is too strong, too weak -- I am getting dizzy.

To: Bill Harmond who wrote (69088)	7/23/1999 1:02:00 AM
From: 16yearcycle	Respond to of 164684

LOL! Unfreaking believable. By the way, I read the entire text of AG's report and I don't see what the big deal was there either. The headlines don't do it justice. They went to a neutral stance; obviously he didn't want to sound soft on inflation. No surprise at all. China devalues and throws SE Asia(and hedge funds) into trouble and we lower rates again. Pretty funny, huh?

To: Bill Harmond who wrote (69088)	7/23/1999 1:03:00 AM
From: Lizzie Tudor	Read Replies (5) \| Respond to of 164684

OK... so a strong August then with a few rate cuts? Does anybody ... anybody at all... have any near term predictions here? Because the good news was pretty good (not universal, ok) and we tanked. So now what.

To: Bill Harmond who wrote (69088)	7/23/1999 4:33:00 AM
From: GST	Respond to of 164684

Friday July 23, 3:59 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) FX IN EUROPE - Weak dollar probes downside LONDON, July 23 (Reuters) - The dollar held above the previous day's five-month lows against the yen and two-month lows against the euro in Europe on Friday, but further dollar losses were likely, analysts said. The dollar suffered as U.S. assets fell after U.S. Federal Reserve Chairman Alan Greenspan said on Thursday the Fed would act ''promptly and forcefully'' if it saw evidence of a pick-up in inflation. The U.S. currency failed to find a saviour in the Bank of Japan, which stayed away from foreign exchange intervention on Friday, despite a strong rise in the yen. ''Every man, woman and dog was expecting the BOJ to intervene last night but they didn't,'' said Kit Juckes, head of bond and currency strategy at NatWest Global Financial Markets. ''The markets felt the intervention this week did not work and maybe the Japanese authorities feel it does not work.'' The BOJ intervened on Tuesday, via the U.S. Federal Reserve, and directly on Wednesday to curb yen strength. But the yen strengthened to 116 per dollar on Thursday, its firmest since February 16 and a rise of more than four percent from Monday's low. Dollar/yen was at Friday's low of 116.76/81 at 0740 GMT. The dollar fell through several key levels in its decline against the yen on Thursday, making it harder for the market to predict if and when the BOJ would act next. Japanese Finance Minister Kiichi Miyazawa said overnight that intervening all the time was not always the best way to tackle yen strength, continuing a softening of tone heard in recent days. But he said the authorities did not plan to let the yen keep rising. ''The market will push the (dollar) downside quite aggressively today,'' said Juckes. We might get to 116.70, or 116 or 115 before they come in." (Note: this article is ''in progress''; there will likely be an update soon.)