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To: Tom Smith who wrote (266248)	11/8/2003 12:46:41 PM
From: Haim R. Branisteanu	Respond to of 436258

Interesting article and may be was the trigger for the EUR rally Friday. All week there was quite solid support for the EUR around 1.14. As a side note from an economic point of view we are back to Sept. 3 at a time the EUR/USD was around 1.08 IS it US hedonic statistics that blur reality or is there something else?

To: Tom Smith who wrote (266248)	11/8/2003 3:23:54 PM
From: Haim R. Branisteanu	Respond to of 436258

German Economy Improves, Frankfurter Allgemeine Indicator Shows Nov. 8 (Bloomberg) -- The Frankfurter Allgemeine Zeitung newspaper's indicator of the German economy rose in September as business confidence improved and companies got more orders. The FAZ indicator rose 0.5 percent to 121.1 from August, and is 2.6 percent higher than a year earlier. The economic barometer is based on a number of official German economic reports and the newspaper's own indicators. Business confidence rose to a 32-month high in October, the sixth consecutive increase, and factory orders gained for a third month in four in September, recent statistics show. A 2.1 percent drop in September industrial production means a recovery in Europe's largest economy may not be strong, FAZ said. The $2.3 billion economy emerged from a half-year recession in the third quarter, as gross domestic product grew 0.2 percent from the previous three-month period, according to the median forecast of 38 economists surveyed by Bloomberg News ahead of a government report on Thursday. (Frankfurter Allgemeine Zeitung 11/8 p. 11) For the newspaper's Web site, see {WFAZ <GO>} Last Updated: November 8, 2003 06:20 EST