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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (3906)	5/23/2001 5:56:56 PM
From: John Pitera	Read Replies (3) \| Respond to of 33421

The euro/Yen cross rate has had the biggest move this year today and the biggest 2 day move since last Sept. Have heard some speculation that the only saving grace for the euro could be a combination of central bank easing and intervention. The problem with such thinking however, is that while we still feel that rate cuts are a positive for the single currency, the dampened credibility surrounding the ECB may limit the euro's near-term ability to take advantage of easier monetary policy. As far as intervention goes, it is important to remember that there is by no means an overwhelming short base in the euro, as pressure has largely come on the back of long liquidations.