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Strategies & Market Trends : The Options Box -- Ignore unavailable to you. Want to Upgrade?

To: X Y Zebra who wrote (7607)	11/22/2000 1:51:51 PM
From: X Y Zebra	Respond to of 10876

November 22, 7:00 AM: EUR/$..0.8430 $/JPY..109.70 GBP/$..1.4156 $/CHF..1.8002 Florida Ruling Pushes Dollar & Equities Down by Jes Black US Trading Preview: At 8:30 AM US November 18 Jobless Claims (exp 325k, prev 326k) At 10:00 AM US November Univ. of Michigan Sent final (exp 106.6, prev 107.7) The dollar is trading off yesterday's highs after the Florida Supreme Court ruled unanimously that hand-recounted ballots must be accepted until November 27th. The ruling, in Gore's favor, sent the euro as high as $0.8485 before profit taking sent it back to today's session lows. The euro is currently off yesterday's three-week low of $0.8417 but seems unable to sustain the momentum it gained from the ruling and is now hovering at today's low of $0.8530. The single currency was weakened yesterday after Germany's closely-watched October IFO business sentiment survey came in below market consensus forecasts at 97.2, its fifth consecutive monthly fall. The lower-than-expected results suggest a slowing down of economic growth and confirm the perception that growth in the second half of the year will not be as strong as during the first half. The EU also released GDP forecasts this morning showing Eurozone and US GDP growth falling from 3.2% in 2001 to 3.0% in 2002, from 3.5% and 5.1% respectively. The EU also sees Eurozone CPI at 2.2% in 2001, then falling below their targeted 2.0% in 2002. The dollar/Swiss franc mirrored the euro/dollar this morning, climbing to a three-week high of 1.8072, then retreating as the euro gained against the dollar, followed by a return to the 1.80 level. Meanwhile, sterling rose from a two-week low of $1.4152 on Wednesday, but fell against the euro, after Florida's Supreme Court ruling favored the euro/dollar. The BoE's minutes, released this morning, showed that members voted 9-0 for keeping rates unchanged. This reflected a unanimous viewpoint that the UK's economy is slowing and that price pressures are in check. Analysts expect that UK interest rates have peaked and that the next move by the MPC is down. Currently, cable is trading at a session low of 1.4156. In Japan, doubts over PM Mori's ability to lead the country and over his immediate future had pushed the yen to a nine-month low of 110.45 on Tuesday. Adding to the uncertain political landscape was Japanese Finance Minister, Miyazawa, who said this morning that he did not think the prime minister would ask him to remain in the cabinet after December. The dollar/yen is currently trading at 109.70. The Dow and Nasdaq are seen lower as markets continue to weigh heavily on the slowing economy and earnings warnings. This morning the Nikkei ended down 123.19, or 0.75% to 14,408.46. Meanwhile, European equity markets are also lower with the FTSE down 1.6% and the DAX down 2.53%. This came after yesterdays rebound in technology stocks sent the DAX up 68.59, or 1.0% to 6,678.07. Dow futures are down 115.00 and the Nasdaq is also down 74.00 points in the futures market. ****************** For more news & analysis please visit our website at forexnews.com. To unsubscribe from this list, send an e-mail to forexnews-remove@forexmg.com. FOREXNEWS.COM is sponsored by MG Financial Group (http://www.mgforex.com). The "TIP OF THE MONTH" has been designed to help traders take advantage of the unique features of trading on Dealstation 2000. To read the latest article, please refer to: mgforex.com FOREX NEWS NOW GIVES YOU THE LATEST TECHNICAL ANALYSIS as provided by Technical Research Ltd. forexnews.com _____________ Disclosure: I have NOTHING to do with the above service, I post it for the interest of the readers.