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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: kris b who wrote (59959)	5/1/2006 4:42:46 AM
From: shades	Respond to of 110194

Asia Forex: Hedge Funds Push Dollar To 7-Month Low Vs Yen . By Leika Kihara Of DOW JONES NEWSWIRES TOKYO (Dow Jones)--U.S. hedge funds and investment banks pushed the dollar to a seven-month low against the yen in Asia Monday, as they took advantage of a holiday-thinned market to actively test the U.S. unit's downside. The absence of usual dollar buyers like Japanese import firms and institutional players, many of whom are away for Japan's "Golden Week" holidays, also contributed to the dollar's sharp declines, traders said. After falling below strong support at Y113.41, which is this year's lowest level marked Jan. 12, the dollar accelerated its downswing to briefly touch Y113.05 on EBS, the lowest level since Oct. 6. "With many Japanese players away for the holidays, the dollar is at the mercy of foreign players, and there's not much we can do," said Tetsuhisa Hayashi, head of foreign exchange trading at Bank of Tokyo-Mitsubishi UFJ. "The market will remain sensitive to dollar-bearish news," with bias for the U.S. unit already weak on growing expectations that the Federal Reserve may pause its nearly two-year rate-tightening cycle, he said. While there was no fresh dollar-selling factors during Asian trading hours, the U.S. unit was still reeling from last week's release of data showing weaker-than-expected U.S. first-quarter economic growth and Fed Chairman Ben Bernanke's remarks suggesting a suspension in the Fed's credit tightening, traders said. The weak-dollar impact of a communique issued by the Group of Seven finance leaders on April 21, which called on China to move toward more currency flexibility, also lingered in the market, Bank of Tokyo-Mitsubishi UFJ's Hayashi said. "The combination of these factors is continuing to hurt the dollar," he said. The euro was largely flat against the dollar, as few players were willing to tilt positions either away with the London market closed Monday for a public holiday. Interbank Foreign Exchange Rates At 00:50 EDT / 0450 GMT Latest Previous %Chg Daily Daily %Chg Dollar Rates 2150 GMT High Low 12/31 USD/JPY Yen 113.11-13 113.61-64 -0.44 113.84 113.05 -3.96 EUR/USD Euro 1.2630-34 1.2627-33 +0.02 1.2639 1.2610 +6.64 GBP/USD Sterling 1.8265-70 1.8236-41 +0.16 1.8280 1.8232 +6.02 USD/CHF Swiss Franc 1.2383-86 1.2388-90 -0.04 1.2411 1.2375 -5.71 USD/CAD Canadian Dlr 1.1164-70 1.1164-69 0.00 1.1183 1.1166 -3.90 AUD/USD Australian Dlr 0.7596-01 0.7586-89 +0.13 0.7602 0.7575 +3.47 NZD/USD New Zealand Dlr 0.6373-83 0.6371-81 +0.03 0.6387 0.6359 -6.66 Euro Rates EUR/JPY Yen 142.91-92 143.48-52 -0.40 143.67 142.70 +2.40 (MORE TO FOLLOW) Dow Jones Newswires