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

To: el paradisio who wrote (51547)	5/21/2000 9:03:00 PM
From: Secret_Agent_Man	Read Replies (2) \| Respond to of 99985

Also on May 18, NYBOT reported a new U.S. Dollar Index option puts open interest record of 1,598, surpassing the previous open interest mark of 1,489 on May 10, 2000. could this be the $'lr's top? news.ino.com TECHNICALS EUR/USD - expect 0.8935 to support for 0.9065 on a break of 0.8995 USD/JPY - expect 107.25 to resist for 105.75 on a break of 106.35 EUR/JPY - expect 97.00 to resist for 95.00 on a break of 95.85 GBP/USD - expect 1.4980 to resist for 1.4550 on a break of 1.4860 USD/CHF - expect 1.7420 to resist for 1.6900 on a break of 1.7255 AUD/USD - expect 0.5700 to support for 0.5835 on a break of 0.5785 NZD/USD - expect 0.4525 to support for 0.4635 on a break of 0.4580 Bundesbank head Ernest Welteke said the European Central Bank is unlikely to intervene to support the euro in the near future. While saying the possibility of intervention should not be ruled out, the Bundesbank president told Sunday's Mainichi Shimbun that "a very large risk accompanies intervention." * ECB Governing Council member Yves Mersch categorically dismissed ideas that the 11 euro-zone governments have any real say on whether the bank should intervene in the foreign-exchange markets to prop up the weak euro in the coming weeks or months. * An unnamed International Monetary Fund official said ideas that the European Central Bank may be poised to intervene to prop up the ailing euro seem misplaced. The official told BridgeNews that euro zone policy-makers appear split on whether to use the ECB's foreign exchange reserves to prop up the currency. He also said he sees little incentive for the U.S. Treasury to aid any such euro support in the markets. * Budnesbank council member Hans-Juergen Koebnick also indicated that central bank intervention to support the euro is not imminent. * Japan's Finance Minister Miyazawa said on Sunday TV he expects Japan's economy to have grown around 2% on-quarter during January-March 2000, but that it is unlikely that the strong pace of growth will be sustained throughout the year. Despite the strong first-quarter gross domestic product (GDP) growth, the course of the economy during the next April-June quarter would be difficult to gauge, and would depend greatly on whether personal spending will recover, Miyazawa said. * U.K. Prime Minister Tony Blair said the U.K. government could still succeed in persuading the public to vote in favor of joining the European single currency. In remarks made in an interview with U.S. magazine Talk, Blair downplayed opinion polls showing that more than six out of 10 voters are currently opposed to EMU entry. He said senti ment would change if and when the government publicly backs joining the euro. * USD/JPY was initially bid up from 106.90 to 107.18 on some buying from a U.S. investment bank, but has since retreated to 107.00 on selling from another major U.S. investment bank. U.S. stock market jitters, the bigger-than-expected U.S. trade deficit, and speculation of an eventual end of the zero interest rate policy in Japan, have all given the market an excuse to run downside stops. Further downside is expected before the market gets short enough for a bounce, with Miyazawa's comments about first-quarter growth of 2% likely to help the JPY early this week, as dealers wait to see if the U.S. stock market stabilizes. * EUR/USD has good selling interest at 0.8990-00 for now, but Asia will want to try the topside after the encouraging bounce off the historic low on Friday. Big stops were rumored at 0.9010/15 last week, and technicals now favor buying dips to 0.8935 for 0.9020, then 0.9065. Blair's comments about U.K. entry to the EUR could see some EUR/GBP buying. news.ino.com and I have no clue as to what all that means? perhaps hb or Haim, does?