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To: At_The_Ask who wrote (80346)	9/1/2003 2:19:56 PM
From: Haim R. Branisteanu	Respond to of 209892

More USD Chatter - Dollar Remains Near Lowest in More Than a Week Against Euro Sept. 1 (Bloomberg) -- The dollar remained close to its lowest against the euro in more than a week on speculation the U.S. currency's 7 percent rise since the start of June reflects too much optimism about the outlook for growth in the world's biggest economy. ``The U.S. data has improved, but the currency market may have gorged itself so much on that view that there isn't much left to feed off,'' said Steve Barrow, a currency analyst at Bear Stearns International in London. He expects the dollar to end the year at about $1.20 per euro. The dollar's 8 percent gain against Europe's common currency since falling to a record in May indicates investors are already anticipating U.S. growth will accelerate. Treasury Secretary John Snow said growth may reach 4 percent in the third quarter, according to the Keidanren, a Japanese business lobby group whose chairman, Hiroshi Okuda, met Snow in Tokyo today. Against the euro, the dollar was at $1.0961 at 6:18 p.m. in London, from $1.0968 late Friday, which was its lowest since Aug. 20. It traded at 116.48 yen from 116.61 on Friday. Trading was less than usual today because of a holiday in the U.S. New York accounts for about 15 percent of the $1.2 trillion-a-day currency market, according to the Bank for International Settlements. ``There's clearly an acceleration coming in the third quarter,'' Jeremy Stretch, a currency analyst at RBC Capital Markets in London, said in a televised interview with Bloomberg News. ``It's the durability of that recovery that is the important thing.'' Relative Strength Almost half of the 33 analysts, traders and investors polled from Tokyo to New York on Friday recommended selling the U.S. currency against the euro, up from about 9 percent a week ago. Technical indicators also suggest euro-selling may have peaked. The euro's relative-strength index against the dollar, derived by averaging out daily gains and losses over a period, is at 37 over a 14-day period, from 49 on Aug. 11. Analysts say readings under 30 signal further losses will be limited. ``A lot of good news is priced into the dollar and we could see a move back toward $1.11 to $1.12,'' said Shahab Jalinoos, a currency strategist at ABN Amro Holding NV in London. ``The broader trend of dollar strength will then reestablish itself.'' quote.bloomberg.com

To: At_The_Ask who wrote (80346)	9/2/2003 4:52:33 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

We discussed the direction of the EUR over the weekend and several press releases predicted a lower USD by the end of this week. In the meantime the USD jumped around 2% against the EUR. ``The U.S. data has improved, but the currency market may have gorged itself so much on that view that there isn't much left to feed off,'' said Steve Barrow, a currency analyst at Bear Stearns International in London. He expects the dollar to end the year at about $1.20 per euro. and more Investors are ``coming to terms with the likelihood of a pretty robust'' growth rate in the second half, said Nicholas Pifer, head of global fixed income at American Express Co. in Minneapolis, which manages about $220 billion in assets. As a result, figures pointing to an accelerating expansion ``seem to be having less impact in supporting the dollar,'' said Pifer. It may drop to $1.1150 per euro this week, he said. Message 19261599 all those press releases pushed the EUR over 1.1020 on Sept 1, only to come crashing down to 1.0810 today. I am almost certain the the press releases were for FX manipulation purposes. Wondered why they were posted at all.