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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (17163)	11/30/2004 11:28:52 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Euro hits new all-time high as Trichet fails to hint at ECB intervention Tuesday, November 30, 2004 3:29:45 PM afxpress.com LONDON (AFX) - The euro hit another new all-time high against the dollar after Jean-Claude Trichet, the president of the European Central Bank, failed to give any hint that the central bank will intervene in the market to stem the export-sapping appreciation of the single currency. In addition, disappointing US economic data pressured the dollar further. While, the Conference Board reported consumer confidence down to its lowest level since March, the Chicago purchasing managers' index of industrial health in the crucial mid-West region dropped to below expectations "There's fresh pressure on the dollar, with no sign of intervention from the ECB and weaker than expected US data," said Neil Mackinnon, chief economist at ECU Group. He said the ECB is facing diminishing returns from verbal intervention "if it doesn't back words with actions". Trichet's comments that the euro's surge was "unwelcome" were "more of the same" from the central bank, said Mackinnon The euro jumped to a high of 1.3335 usd before settling back above the 1.33 mark. Meanwhile, the dollar posted a five-year low of 102.43 yen