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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (163970)	5/5/2002 8:57:52 PM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 436258

Dollar, Little Changed, May Extend Slide on Slowing Recovery By Anna Sathiah Singapore, May 6 (Bloomberg) -- The dollar may fall against the euro for a sixth week on concern the U.S. economy's recovery will be slower than expected, eroding the appeal of U.S. assets. The U.S. currency traded at 91.69 cents per euro, from 91.73 in New York Friday, when it reached its weakest level since Oct. 9. It was at 1.5875 against the Swiss Franc, from an eight-month low of 1.5847 reached in New York Friday. Trading was less than usual because markets in Japan were closed for a public holiday. ``We're looking for further U.S. dollar weakness this week,'' said Jon Prince, manager of foreign-exchange sales at National Australia Bank Ltd. in Sydney. ``The Euro and Swiss (franc) seem to be the benefactors.'' The dollar's slide last week accelerated after a report Friday showed the U.S. jobless reached a 7 1/2 year high in April, fueling concern an economic rebound may take longer than projected. All three major U.S. stock indexes fell after the jobs report, and another showing a slowdown in growth for services industries. U.S. growth will slow from its first-quarter rate of expansion of 5.8 percent, bringing it closer to other economies, increasing the appeal of currencies such as the euro and the Swiss franc, analysts said. Growth will probably dip to a 3.4 percent pace in the second half of the year, according to the latest estimate of the Blue Chip Economic Indicators. In other trading, the dollar bought 127.00 yen, from 127.01 in New York Friday. The British pound traded at $1.4695, little changed from $1.4690 in New York.