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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: J.T. who wrote (5580)	12/14/2000 12:52:11 PM
From: NOW	Read Replies (1) \| Respond to of 19219

The dollar Yen is more susceptible to Japans need to devalue...maybe

To: J.T. who wrote (5580)	12/21/2000 2:50:10 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

Dollar, Yen Weakening as World's Two Biggest Economies Slow By Mari Murayama and Miki Anzai Tokyo, Dec. 21 (Bloomberg) -- The dollar held near a four- month against the euro and the yen traded near a five-month low as stock declines in New York and Tokyo fanned concern the world's two biggest economies are stalling. ``The tumble in U.S. stocks shows the economy is slowing faster than expected, and dropping Japanese stocks show Japan is following the U.S.,'' said Tadatoshi Taso, a foreign exchange manager at Bank of Tokyo-Mitsubishi Ltd. ``Both currencies are weak against the euro now.'' The dollar stood at 90.86 cents per euro, while the European currency bought 102.65 yen. The U.S. Nasdaq Composite Index's fall for a seventh day to its lowest level in 21 months fueled concern growth is slowing, while the benchmark Nikkei 225 stock average fell for a sixth day, dropping as much as 3 percent. ``Stock declines convinced the market the U.S. is so bad that it needs a rate cut as soon as January,'' said Mitsuru Sahara, a vice president for foreign exchange at Sanwa Bank Ltd. ``That has lead to dollar selling against the euro.'' Federal Reserve policy makers met Tuesday and decided to keep their target for overnight bank lending at 6.5 percent, though they signaled they may cut rates early in 2001 to spur economic growth. A rate cut will make dollar deposits less attractive as the euro region's rate, 4.75 percent, is likely to be intact for coming months to keep inflation in check. President-elect George W. Bush last week said he is concerned about a possible economic slowdown. ``Economic growth (of the 11-nation region) will probably overtake that of the U.S.,'' French Finance Minister Laurent Fabius said yesterday, in response to a question by a government minister. ``In the coming weeks and months we will see a stronger euro.'' Yen Woes ``The euro is the strongest now, followed by the dollar and then the yen,'' said Yasuji Yamanaka, a foreign exchange manager at Nikko Trust and Banking Corp. ``Looking at today's Nikkei, the yen needs to resigned to be the worst.'' The yen traded at 112.9 per dollar, near a 16-month low for the U.S. currency. Yesterday, the Nikkei fell below 14,000 for the first time since March 1999, amid signs the economy is stalling. Traders are concerned that a Nikkei average below 14,000 would wipe out major banks' unrealized gains on their stock holdings, or even cause them to suffer unrealized losses. ``The level below 14,000 is symbolic -- the Nikkei fell to that level in 1995 and 1998, when Japanese financial system was in a critical situation,'' said Eiji Dohke, senior strategist at Sanwa Securities Co. The outlook for Japan's economy took another blow today with the release of figures showing industrial output isn't growing as expected. Japan's all-industry output leveled off in October from September, failing to meet economists' expectation for a 0.7 percent gain, the Ministry of International Trade and Industry reported today. Economists use the all-industry index as a proxy for gross domestic product. In other trading, the dollar rose to 1.6721 Swiss francs from 1.6708 francs in late New York. The British pound was quoted at $1.4746, up from $1.4762 yesterday. Best Regards, J.T.