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To: Elroy Jetson who wrote (25302)	11/18/2004 10:56:30 AM
From: fatty	Respond to of 306849

"strong dollar" policy = weak exchange rate against euro? UPDATE 1-US's Snow repeats strong-dollar policy unchanged Thu Nov 18, 2004 09:37 AM ET (Adds quotes, background) WARSAW, Nov 18 (Reuters) - U.S. Treasury Secretary John Snow repeated his pledge that the government's policy remained one of a strong dollar even as markets drove the currency to a record low against the euro in the belief the U.S. was comfortable with a weaker dollar. "I talked about currencies in London yesterday and laid out our position there. I think everybody knows what our position is -- a strong dollar, currencies set in open markets," Snow said on Thursday during a visit to Warsaw. Markets are looking for signs of how the U.S. administration plans to make good on its declared "strong dollar" policy, after Snow said on Wednesday markets must determine currency values and the dollar fell to new all-time lows against the euro. It set a new low again on Thursday at $1.3074 to the euro. Analysts cited other remarks from Snow on Wednesday as a signal the U.S. was unlikely to act to prevent further depreciation in the dollar. Snow said that efforts to impose non-market valuations of currencies was "at best non-rewarding." Snow was speaking at a news conference following a meeting with finance ministers from Poland, Hungary, the Czech Republic and Slovakia, all new entrants to the European Union in May this year. He heads for Berlin on Friday to participate in weekend meetings of the Group of 20 rich and emerging-market countries, where he is again expected to face questions about U.S. currency policy and to push his case that faster European growth would help redress the imbalance in the U.S. current account. In response to questions, Snow said the new EU members could provide lessons for the older members on how to get their economies growing faster. "I think the new members of the EU can have a very positive effect on the whole EU region, can introduce dynamism and energy and competition -- and good policy," Snow said. He said there was universal agreement among the world's wealthy nations that stronger rates of economic expansion were necessary but real questions about how to achieve them remained. © Reuters 2004. All Rights Reserved.

To: Elroy Jetson who wrote (25302)	11/19/2004 10:07:47 AM
From: Amy J	Read Replies (5) \| Respond to of 306849

Greenspan warned the U.S. must deal with the causes of the weak dollar -- the U.S. trade deficit and the federal budget deficit -- or the country could run into economic problems down the line. money.cnn.com Meanwhile, our dollar drops while Congress ignores Greenspan: The US House of Representatives voted to raise the debt ceiling by 800 billion dollars, helping Washington avoid running short of operating funds. By a party-line vote of 208 to 204, lawmakers agreed to increase the level of the US debt to nearly 8.2 trillion dollars, the third massive debt limit increase in as many years Democrats in Congress have decried ballooning US debt story.news.yahoo.com