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To: Haim R. Branisteanu who wrote (83867)	10/8/2003 6:12:24 PM
From: Haim R. Branisteanu	Respond to of 209892

In an attempt to prevent an uncontrollable decline in the dollar, ECB Governing Council Yves Mersch said that industrialized nations did not intend to seek a weak dollar when they made their statements on current flexibility at the last G7 meeting. Most likely, Mersh seemed to be aim at qwelling speculation that the ECB was signaling the green light for a falling dollar, following earlier statements this week indicating no intention to interfere with the currency's fall. Mersh, who is also the Governor of the central bank of Luxembourg the Eurozone recovery was in line with ECB estimates and that the risks for growth in the region are balanced. His remarks follow those from his German counterpart Welteke who sounded off gloomy remarks on Tuesday on, indicating that the prospects for a Eurozone recovery remain dismal, despite the low interest rate environment created by the ECB. EURUSD quietly pushed to fresh 3-year highs, charting a choppy rally throughout the European and US sessions. The White House's statement reiterating its support for a strong dollar policy briefly supported the euro before the pair ended just above the $1.18 level. Resistance remains at, 1.1830 followed by 1.1867---the trend line resistance extending from the 1.2721 high (Nov 1996) to the 1.1929 high (June 2003). Subsequent pressure seen imposing at 1.1890 and 1.1929. Support starts at 1.1760, backed by 1.1720 and 1.1660.