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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: maceng2 who wrote (25488)	11/23/2002 5:54:05 AM
From: GUSTAVE JAEGER	Respond to of 74559

Told you so... (in my post #25354) Upbeat U.S. data give dollar a boost Bloomberg Saturday, November 23, 2002 NEW YORK The dollar rose against other major currencies Friday amid signs that U.S. economic growth might accelerate. The dollar reached a two-week high against the euro as a weaker-than-expected report on French economic growth contrasted with recent U.S. reports showing a strengthening labor market and gains in Philadelphia-area manufacturing. In late trading, the euro fell to 99.67 U.S. cents from $1.0013 late Thursday. The dollar rose to ¥122.95 from ¥122.75. "The worst of it is over for the dollar" based on better economic prospects in the United States than in Europe or Japan, and improved performance by U.S. stocks, said Neil MacKinnon, chief economist at ECU Group Ltd. in London, which manages risk for institutions that sell debt in foreign currencies. The French GDP report increases the likelihood that the European Central Bank will lower interest rates to stimulate growth, said Kurt Magnus, head of foreign exchange sales at Westpac Banking in London. Lower rates would hurt the euro by shrinking the yield advantage European debt has over U.S. debt, he said. In other trading, the pound fell to $1.5780 from $1.5794. The dollar rose to 1.4764 Swiss francs from 1.4680 francs. (Bloomberg) iht.com Euro-stackers: hold your breath!