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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (36320)	12/31/1999 9:48:00 AM
From: Les H	Respond to of 99985

NY FX: DLR STABLE IN QUIET MARKET DESPITE YELTSIN RESIGNATION NEW YORK (MktNews) - Predictably, but perhaps a little surprisingly, the dollar is unchanged vs. the euro and the yen early Friday, the last day of the millenium. Predictably because all major financial centers except for the U.S. are closed in observance of the New Year's holiday. But a bit surprisingly because the dollar has shown no reaction to the surprise resignation of Russian President Boris Yeltsin. Yeltsin announced in a televised address to the Russian people that he would step down as president effective today. Yeltsin appointed Prime Minister Vladimir Putin as interim president until new elections are held in March 2000. The Russian stock market has soared on the news but the dollar has received no lift from safe-haven flows that are usually expected on such an announcement. "After the (ruble) devaluation in 1998 most institutions have minimized their exposure to Russia by marking down the value of their Russian assets and/or establishing reserves against them" and that could explain why from a financial standpoint the dollar's reaction has been muted, said Marc Chandler, chief currency strategist at Mellon Bank. Concerns over the Y2K computer bug have abated somewhat after New Zealand entered the year 2000 at 6:00 a.m. EST without any reports of major disruptions. Euro-dollar was trading around $1.0075 and dollar-yen hovered around Y102.40, both pairs unchanged from Thursday's closing levels. Dealers expect little in the way of currency movement today as most trading rooms are minimally staffed and most will be closing at midday. "All our customers are done and spot traders are not going to be taking on any new positions today," said a trader at a Japanese bank. Activity is not expected to pick up until the second week of January as many trading rooms want to limit the number of trades that settle in the first week due to concerns over possible computer glitches.--Carlos Torres, phone (212) 509-9270, email ctorres@marketnews.com Dollar Rates in New York Trade: Eur-Dlr Dlr-Yen Eur-Yen Eur-Stg 8:25 a.m. 1.0074 102.39 103.15 0.6244 6:56 a.m. EST Fri 1.0077 102.34 103.13 0.6244 4:05 p.m. EST Thu 1.0078 102.42 103.22 0.6238