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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (40253)	9/13/1999 8:41:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 116759

I felt when i had listened to speeches on the web site i was very confused because corporate Japan was making upward moves and i feel a nation is it corporate ability. Let's add to your confusion. Read this. Euro regains footing, yen sidelined at US midday (Recasts, updates prices, quotes, changes byline) By Elizabeth Lazarowitz NEW YORK, Sept 13 (Reuters) - Europe's single currency rose against the dollar and pared losses against the Japanese yen in midday trading on Monday, winning a reprieve from recent declines as the greenback remained heavy. ''The market has overshot, the way the foreign exchange market often does, and we're seeing people lock in some profits,'' said Ben Strauss, vice president at Bank Julius Baer, explaining the euro's modest comeback. The dollar held off making new lows against the yen after hitting a three-year trough at 106.05 in early U.S. trade, but dealers said it remains vulnerable to further yen strength. The euro swung back above $1.04, up more than a full cent from a two-month low it hit in overnight trading, when it slid 3 percent below the peaks it hit last week against the dollar. The European unit also rebounded more than a full yen from all-time lows hit earlier below the psychological 110 yen level, and reversed recent declines against the British pound. By contrast a sluggish start for U.S. stocks dragged on an already heavy dollar, traders said. The Dow Jones industrial average was nearly flat in noontime U.S. trade, while the tech- laden Nasdaq softened after Friday's record close. Battered by a steep selloff, the U.S. unit had shed nearly 3 percent from its overnight high above 109 yen as optimism about Japan's economic recovery and the absence of fresh Bank of Japan intervention egged on yen bulls. ''(The dollar) really is not looking very healthy. There's been selling of dollars across the board today and it appears that's going to continue,'' said Brian Zirlin, vice president at Donaldson, Lufkin & Jenrette. ''We could see 105.50 yen before we see any bounce back up,'' Zirlin said, adding that a break of the 106 level could trigger stop-loss dollar selling. At 1300 EDT/1700 GMT, the dollar hovered at 106.39/47 yen, down sharply from 108.69/79 in late U.S. Friday trading. The euro stood at $1.0404/12 up from $1.0363/73 late Friday. The euro also put on the brakes against the Japanese yen, climbing above 110.50 yen from a lifetime low of 109.58 yen hit overnight. Traders said they remained on alert for signs of intervention by the Japanese monetary authorities to prop up the dollar or euro against the surging yen. But concerns have diminished since a bout of BoJ intervention last Friday had no lasting effect on the yen-hungry market. Bank of Japan Governor Masaru Hayami said overnight the central bank would continue to ''sterilize'' its currency market interventions by draining excess liquidity in the private sector banking system resulting from dollar buying for yen. Market watchers say future central bank action is unlikely to have any lasting effect unless Japanese authorities leave an intervention ''unsterlized'', seen as a de facto credit easing. ''The market may just have to find its own bottom, but who knows where that will be,'' said currency trader John Cholakis atDai-Ichi Kangyo Bank. He pegged 105.70 yen as a key technical support level for the dollar, but said it was unlikely to be more than a ''speed bump'' in the yen's ride higher. The world's top central bankers, meeting in Switzerland, offered the yen even more impetus to soar. Bank of England Governor Eddie George, speaking after a meeting of Group of 10 and other central bankers in Switzerland, said there was a general understanding for last week's Japanese intervention and added that the Japanese economy was growing significantly faster than had been thought only six months ago. In other trading, the British pound lost a full cent of its value against the dollar, falling to $1.6079/89 from $1.6183/88 in late Friday dealing. biz.yahoo.com