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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61618)	3/7/2002 12:29:36 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Dollar hurt by strengthening yen By Christopher Swann Published: March 6 2002 20:48 \| Last Updated: March 6 2002 20:52 news.ft.com The dollar fell sharply across the board on the foreign exchange market on Wednesday, dragged lower by the revival of the yen. The Japanese currency has been moving higher in recent days following a strong rise in the Nikkei 225. The Nikkei was flat on Wednesday but traders said that technical momentum had built up behind the yen. "This has been a snowball effect," said Rebecca Patterson, currency strategist at JP Morgan in New York. "Dollar-yen fell through option related stops and this led a lot of momentum and model-based traders to get out of other dollar positions." The dollar fell from Y132 to Y130.8. The euro pushed higher from $0.87 to $0.876. The disjuncture between the performance of the dollar and the US equity market has long been a mystery to analysts. When the Nasdaq collapsed in the spring of 2000 many had expected the dollar to follow it lower. Equally, the recent pick up in equities and the US economy might have been expected to push the dollar higher.