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To: Richnorth who wrote (88274)	7/23/2002 10:16:56 PM
From: Richnorth	Respond to of 116753

Greenback rallies as US banks send cash home THE battered US dollar staged a broad-based rally against the euro and major Asian currencies yesterday. This was thanks to the heavy repatriation of greenbacks by American banks and fund managers to meet demand for a cash shortfall following losses in equity investments after Wall Street's recent plunge. The banks needed to return the cash to the United States because investors suffering stock market losses had withdrawn extra funds to pay for the losses, while the fund managers needed to meet demand for early redemption of investments. However, most traders believe that the greenback's rise is only a temporary reprieve. They say that with investor sentiment still dented by falling stock prices, the dollar may continue its slide once the repatriation of funds has been completed. In late trade, the Singapore dollar slipped 0.71 per cent to $1.7461 against the US dollar, its second straight day of losses. The Japanese yen dipped 1.1 per cent to 117.54 while the South Korean won skidded 0.7 per cent to 1,173.1 against the greenback. Some traders linked the weakness in Asian currencies to the earlier slide in the euro, which had eased against the greenback on concerns that US fund managers were cashing in their recent gains in the common European currency to relieve strain in their cash positions. The euro fell below the US$1 level for the first time in a week when it dived 1.9 per cent to 0.9906 US cents yesterday, just below the psychologically important parity level. 'With the fallout in the euro, traders in the region were wary that the movements will influence the Asian currencies and they started buying dollars to cover their short positions,' said Mr Mokhtar Hassan, a currency analyst at Thomson Financial. Short positions are transactions where traders sell US dollars without owning them in the hope that the currency will weaken, just to buy them back later and pocket the difference. US investment banks were also rumoured to be squaring off positions against the Australian and Canadian dollars and other currencies to secure cash to make up for losses from WorldCom, which filed for bankruptcy protection on Sunday. However, even as the corporate meltdown in the United States hits stock markets, the greenback has managed to stay firm. Some traders remain sceptical over its strength, attributing its rise to a mere technical rebound from oversold positions. This situation 'resembles the period after Black Monday' in 1987, said Mr Seiya Nakajima of Itochu as reported by Reuters. 'The dollar held out for about a week after Black Monday because of repatriation, but then it crashed,' he added.

To: Richnorth who wrote (88274)	7/25/2002 6:47:21 PM
From: Richnorth	Read Replies (1) \| Respond to of 116753

To ALL:- An example of US ignorance and/or misinformation?????????? American Interior Secretary Gale Norton at a news conference on Tuesday in Washington announced that the US was going to ban "snakehead" fish imports because the snakehead fish eats virtually any small animal in its path, and can travel across the land and live out of water for at least three days, and it is therefore "injurious wildlife" that could destroy the country's marine ecosystem by eating all other smaller fishes. However, experts elsewhere disagree. Read about it at straitstimes.asia1.com.sg