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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (92293)	7/8/2002 12:48:44 AM
From: puborectalis	Respond to of 99280

Dollar Has Steepest Drop in Two Months Versus Euro on Shiokawa By Mari Murayama Tokyo, July 8 (Bloomberg) -- The dollar had its biggest slide versus the euro in more than two months and dropped against the yen after Japan's financial chief indicated the U.S. currency may extend its five-month decline. The dollar dropped to 98.42 U.S. cents per euro from 97.27, the steepest fall since May 3. It weakened 1.2 percent to 119.22 yen from 120.43 in late trading Friday. The loss reversed all of last week's 0.8 percent rally and is the biggest since June 26. The dollar has weakened more than 10 percent this year against those currencies, prompting the Japanese government to sell yen on seven occasions in as many weeks to protect exporter earnings. Masajuro Shiokawa told reporters Saturday after a meeting of European Union and Asian finance ministers in Copenhagen that many of his counterparts in other countries share the view the dollar is weakening, and ``may fall to about 115.'' ``Shiokawa's remarks heightened speculation Japan will tolerate a stronger yen,'' said Akira Oida, senior manager of the foreign-exchange unit at Mitsubishi Corp. ``The comments came when there's already concern the dollar will drop further'' as tumbling U.S. stocks have pushed down the U.S. currency.