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Strategies & Market Trends : January Effect 2003 -- Ignore unavailable to you. Want to Upgrade?

To: Londo who wrote (422)	5/1/2003 9:20:04 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 666

I mean, the euro is composed of extremely weak currencies and the countries which formed the hard currency block (France, Germany, Benelux) are suffering from the high Euro. With the EUR spiking hard, the odds for an intervention rise. Also, a lot of foreign countries sit on hefty EUR currency gains (they bought EUR for their own treasury), so there could be sellers come up. But in the short term, futures traders run up currencies so it is not very useful to stand in front of them, ie bet against the sharp moves. Weird things go to happen today, with the US money market cleary tilting towards another rate cut. The currencies fly, especially the british pound inched up another cent to over 1.60. Economic reports out today, and coming, stock selling off ahead of the main news: >>>>>>>>>>>>>>> U.S. stocks set for soggy open Thursday May 1, 9:09 am ET By Julie Rannazzisi NEW YORK (CBS.MW) -- Stocks were poised to start the month of May on a negative note following a stellar April, but light volumes and an upcoming report on the manufacturing kept the outlook far from certain. In April, the Dow climbed 6.1 percent, the S&P 500 rose 8.1 percent and the Nasdaq surged 9.2 percent. Investors pondered a smaller-than-expected increase in non-farm productivity Thursday, which rose at a 1.6 percent annual rate in the first quarter. Wall Street had been expecting a gain of around 2.2 percent. Additionally, weekly jobless claims slipped 13,000 to 448,000 from a one-year high of 461,000. But the main data dish will be served at 10 a.m., when the Institute for Supply Management's April Index will be unfurled. Economists polled by CBS.MarketWatch.com are expecting the index to come in at 47.3 percent, up from March's 46.2 percent reading. Also due out at 10 a.m.: March construction spending, which is seen rising 0.3 percent. In the futures pits, June S&P 500 futures declined 2.50 points, or 0.3 percent, and were trading around 3.80 points under fair value, according to HL Camp & Co. figures. Nasdaq futures traded down 4.50 points, or 0.4 percent, in recent action. Treasurys continued to trek higher, adding to Wednesday's hearty gains. The 10-year Treasury note climbed 9/32 to yield (CBOE:^TNX - News) 3.80 percent while the 30-year government bond gained 10/32 to yield (CBOE:^TYX - News) 4.74 percent. In the currency sector, the dollar remained weak after plunging to a 4-year low against the euro Wednesday. The buck erased 0.3 percent to 118.56 yen while the euro advanced 0.1 percent to $1.118.