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To: Rarebird who wrote (39090)	8/16/1999 7:47:00 AM
From: Rarebird	Respond to of 116927

FX IN EUROPE-Yen firm against fragile dollar LONDON, Aug 16 (Reuters) - The yen was firm against the dollar and the euro at the European midsession on Monday and was seen extending its gains as the dollar remained vulnerable to swings in U.S. assets. Analysts said the market had by now fully digested the overnight upward revision in Japanese June industrial output, which spurred a rally in Japanese assets and boosted the yen. In the absence of European and U.S. data, currency dealers said they would be taking their cue from whether U.S. assets could sustain gains they made on Friday. ''The market has now priced in the Japanese data and the focus is shifting towards the performance of U.S. assets later today,'' said Nick Shamin, strategist at Norinchukin International in London. ''Given the corrective tone of bonds today and that S&P futures are negative, there is a chance the Dow will open lower and this would put further pressure on the dollar.'' (Note: this article is ''in progress''; there will likely be an update soon.)