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

To: StanX Long who wrote (62133)	3/15/2002 12:09:53 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Dollar on back foot, held back by Nikkei gains By Chisa Fujioka sg.biz.yahoo.com TOKYO, March 15 (Reuters) - The dollar struggled to recoup lost ground against the yen on Friday as Tokyo stocks traded in positive territory for a second straight day. The dollar also retained a glum tone on the euro and the Swiss franc after falling to multi-month lows overnight on safe-haven flows into the franc. But trading for the day was kept subdued with many Tokyo traders opting to keep positions light ahead of a policy meeting by the U.S. Federal Reserve next week and the end of the fiscal year on March 31. The dollar climbed to a morning high of 129.47 yen , but retreated to 129.12/17 by midday on a bout of selling from Japanese exporters and long-dollar unwinding from overseas funds. That was down from 129.24 in late New York though still above an offshore low of 128.23 yen. Yen sentiment was helped by a modest rise in Tokyo's Nikkei share average <.N225> and talk of keen interest by Japanese exporters to sell dollars before month-end. "The market's struggling for direction, but the upside seems to be limited for now given the wall that's been built by exporters," said a trader at a Japanese bank. The dollar's troubles on the yen also spilled over to the yen crosses, where the Japanese currency managed to fight off one-week lows on the euro, sterling and Australian dollar.