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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (67449)	11/18/2003 5:11:27 PM
From: mishedlo	Read Replies (1) \| Respond to of 94695

Citibank Closes All Long Dollar Positions As Unit Plunges Is this BULLISH? ggg Man they lost their ass How much in "one time charge" will we see next Q over this? 11/18/2003 Dow Jones News Services (Copyright © 2003 Dow Jones & Company, Inc.) NEW YORK (Dow Jones)--Citibank, one of the largest traders in global foreign exchange markets and biggest dollar bulls, closed all its existing long dollar positions Tuesday. The move, on the day the dollar plunged to record lows against the euro, is significant in that the dollar's slide has forced one of the most aggressive dollar bulls in the market to temper its optimism toward the currency. In a research note, Citibank currency analysts cite three specific reasons: the U.S. decision Tuesday to impose temporary quotas on certain textile imports from China, the dollar's failure to respond to positive U.S. economic data and the breakdown of key technical levels such as dollar index support at 90.56. Citibank, a unit of Citigroup Inc. (C), retains a bullish outlook for the dollar in the medium term, and will look "for more advantageous entry levels over coming weeks." But the bank posted 1.5% losses in closing out its long dollar/Swiss position at CHF1.2945, losses of 2% in closing its short euro/dollar position at $1.1940, and losses of 0.7% in closing its long dollar/yen position at Y108.04. Tuesday, the euro surged to a record high of $1.1960, the dollar fell to a five-month low of CHF1.2931 and dipped below Y108.00, within a whisker of new three-year lows.

To: Real Man who wrote (67449)	11/18/2003 7:00:29 PM
From: mishedlo	Read Replies (1) \| Respond to of 94695

women’s apparel prices - Ladies get screwed northerntrust.com Today, Commerce Secretary Evans imposed emergency import caps on Chinese-produced bras, evening gowns, and knit fabrics. Terrific! As the chart below shows, women’s apparel prices have risen at an annual rate of 3.4% in the six months ended October. Ladies, you can look forward to paying even higher prices on apparel in the future as a result of Secretary Evan’s edict today. Like the steel tariffs imposed by the Bush administration, these import caps can be expected to lead to net job losses in the U.S. save for the protected industry. Are U.S. furniture makers next in line for protection? The Bush administration seems intent on inducing stagflation. Conclusion – The favorable inflation picture allows the extra wiggle room for the FOMC to watch and wait until economic growth is on a firm foundation. Fed rhetoric is also suggesting that the FOMC is no rush to pull the tightening trigger in the near term.