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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (11920)	11/7/2002 5:18:03 PM
From: Libbyt	Read Replies (2) \| Respond to of 57110

Have you followed any of the recent SONS news releases?

To: Jorj X Mckie who wrote (11920)	11/7/2002 5:28:43 PM
From: X Y Zebra	Respond to of 57110

the real sand in the line seems that point where you started the trend line... i can't really tell its value... Seems the rate differentials had something to do with the fall... _____________________ November 7, 4:00 PM: EUR/$..1.0093 $/JPY..121.12 GBP/$..1.5795 $/CHF..1.4496 Euro FX Slam USD as BoE, ECB Stay on Hold by Ashraf Laidi The dollar endured renewed damage today after the Bank of England and European Central Bank kept interest rates unchanged, maintaining a more favorable interest rate differential for their currencies relative to the greenback and prompting investors to seek higher yielding alternatives in Europe. A sell-off in Wall Street also contributed to the dollar's decline despite a strong report showing Q3 productivity to have soared 4% annually from 1.7% in Q2. Currency traders quickly erased post-productivity report dollar gains, sending the currency to 3 month lows against the European currencies and a 1-month low against the yen. Sterling mounted a fierce 2-cent rally against the dollar after the BoE's interest rate decision meant that UK rates stood 275-bps above their US counterpart, adding further yield luster to British money market instruments and short-term bonds. These would serve as an attractive alternative for companies, fund managers and asset managers looking to get the most return for their cash and non-committed funds. Although most observers expected the BoE to ease, the decision was positively received since the UK economy does exhibit strong facets such as strong private consumption, government's generous spending plans and low unemployment. Cable posted a 2-cent jump to $1.5815 soaring past the key 1.57 resistance. The 1.57 level presented the trend line resistance extending from the 1.5855 high (Jul 26) through the 1.5761 (Oct 1) high. Subsequent resistance seen at 1.5815-20, followed by 1.5845-50 and 1.5875-80. Support starts at 1.57, backed by 1.5673 and 1.5650. forexnews.com