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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (16075)	7/19/2002 6:29:30 PM
From: Louis V. Lambrecht	Respond to of 36161

Patron - ROFL: this time we agree, the bad and the ugly. Where is the good? <g>

To: patron_anejo_por_favor who wrote (16075)	7/19/2002 6:33:27 PM
From: stockman_scott	Respond to of 36161

Dollar dragged down by U.S. stock market plunge Friday July 19, 6:13 pm Eastern Time NEW YORK (AP) -- The equity market once again took center stage in currency markets Friday, as another down day on Wall Street dragged the dollar lower against all its major counterparts. The stock market was pummeled by a mix of poor earnings reports from the likes of Microsoft and Sun Microsystems, news of a Food and Drug Administration probe into Dow component Johnson & Johnson and word that the Justice Department is investigating DaimlerChrysler for alleged price-fixing at Mercedes dealerships in the New York area. "It's an equity market call from here, and there's very little evidence of an equity market rally anytime soon," Thomas Molloy, currency trader at Bank Leumi, said of the current weakness in the dollar. But he added that, despite dipping to its lowest level in 30 months versus the euro early Friday during the global session, "I must say that the dollar has proved relatively resilient today" given the carnage among equities. On the economic front during the morning trading session, an unexpected widening of the U.S. trade gap in May to record levels produced a knee-jerk reaction in the dollar that initially sent it lower. Against the yen, the dollar also found some support after dipping as low as 115.56 yen. The dollar continues to find buyers in the 115 yen region, stemming from anticipation that the Japanese government could intervene soon to weaken the yen. In late New York trading, the dollar was quoted at 115.77 yen, down from 116.68 yen late Thursday. In late New York trading, the euro was quoted at $1.0137, up from $1.0095 late Thursday. The dollar was quoted at 1.4417 Swiss francs, down from 1.4510, and 1.5432 Canadian dollars, down from 1.5441. The British pound rose to $1.5783 from $1.5714.