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To: Taki who wrote (115260)	5/27/2003 4:39:08 PM
From: Taki	Read Replies (1) \| Respond to of 150070

(COMTEX)B: Dollar bounces back from all-time low vs euro B: Dollar bounces back from all-time low vs euro NEW YORK, May 27, 2003 (AP WorldStream via COMTEX) -- The dollar took advantage of a huge Wall Street rally Tuesday to stage a partial recovery late in the global session, bouncing back from an all-time low against the euro and multi-year lows against several other of its widely traded counterparts. The euro, for its part, paused to consolidate its recent gains after hitting a series of record highs against the yen as well as the dollar. Position adjustments and profit-taking after a three-day weekend in U.S. and U.K. markets hindered the single currency's advance, traders said, while covert intervention by Japanese monetary authorities allowed the dollar to advance on the yen. Despite the recent decoupling between the performance of the dollar and U.S. stocks, Tuesday's advance for equities was too big for the foreign-exchange market to ignore, traders said. The Dow Jones Industrial Average finished up 2.1 percent, while the Nasdaq Composite Index gained 3.1 percent. A better-than-expected report on existing U.S. home sales for April also lent some support. Analysts predicted a choppy week that might see some dollar gains, but would not reverse the overall trend of dollar weakness. "Ahead of the G8 summit, the dollar could gain some strength but overall the euro is expected to break higher," said Rebecca Patterson, global currency strategist with JP Morgan in New York. "I think it's going to be a choppy week, but euros are wanted both by long term and speculative investors." The heads of the governments of the Group of Eight leading nations meet in Evian, France this weekend. Although some analysts have speculated that after its rapid advance, the euro could see a corrective slide before resuming its climb, the single European currency hasn't shown much inclination to make a significant retreat. "As for the euro selling off, that's something that seems to be short and sweet," said Grant Wilson, senior foreign exchange trader with Mellon Bank in Pittsburgh. "We seem to be unable to get any traction for the dollar against the euro." Early Tuesday in New York, the euro spiked briefly to a new all-time high at $1.1931 before slipping back below $1.1900. In Asian trading, the euro had crashed through $1.1888, a historical high dating to shortly after the single currency's launch in January 1999. Late Tuesday, the euro was trading at $1.1830, down from $1.1867 late Monday but steady from $1.1827 in New York Friday. The dollar was trading at 117.21 yen, up from 116.79 yen on Monday and up from 116.85 yen late Friday in New York. The dollar was trading at 1.2864 Swiss francs, little changed from 1.2871 francs on late Monday and down somewhat from 1.2885 francs on Friday. The British pound was at $1.6381, up from $1.6368 on Monday and $1.6362 on Friday. ------ Michael Deibert is a correspondent of Dow Jones Newswires. By MICHAEL DEIBERT Copyright 2003 Associated Press, All rights reserved -0- APO Priority=u (PROFILE (WS SL:BC-NA-FIN-MKT--US-Dollar; CT:f; (REG:EURO;) (REG:BRIT;) (REG:SCAN;) (REG:MEST;) (REG:AFRI;) (REG:INDI;) (REG:ASIA;) (REG:ENGL;) (LANG:ENGLISH;)) ) KEYWORD: NEW YORK * end of story *