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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (4587)	3/3/2008 6:23:27 AM
From: Giordano Bruno	Read Replies (2) \| Respond to of 71454

Hello 102s US Dollar Sets Fresh Multi-year Low Versus Yen [USD/JPY] 3/3/2008 6:27:20 AM Monday morning, the US dollar plunged to a new multi-year low versus the yen, but advanced against the euro and the pound. The dollar gained ground against the Swiss franc after hitting a fresh multi-year low by about 1:45 am ET. Against its Japanese counterpart, the US dollar declined during early deals on Monday. The greenback reached a new multi-year low of 102.63 yen by about 2:40 am ET, compared to 103.85 hit late Friday in New York. As of now, the pair is worth 102.90. Data released from the Japanese economy earlier today showed that stated that the average cash earnings of Japanese workers increased by 1.0 percent on year in January, which marked the first increase in two months, beating the analysts forecast of 0.1%. Another report showed that Japan's domestic vehicle sales edged up 0.1% year-on-year to 322,613 units in January. In January, vehicle sales grew 3.7% after registering a 7.1% fall in December. Japan's steel exports increased 9.7% year-on-year in January, a report from the Japan Iron and Steel Federation showed today. The nation exported 7.5% more steel to South Korea and 2.2% more steel to China. Meanwhile, steel shipment to the United States plunged 23.4%. The dollar also remained down versus the Swiss franc until gaining ground by about 1:45 am ET. The dollar-franc pair climbed from a new multi-year high of 1.0312 to 1.0420 by about 5:10 am ET. The pair closed Friday's deals at 1.0408. Switzerland's SVME Purchasing Manger's Index reading came in at 60.5, on a seasonally adjusted basis, for February, down from 61.6 in January. Economists had forecasted a reading of 60.4 for February. Against the euro, the US dollar gained ground by about 1:45 am ET Monday. The dollar reached 1.5163 against the euro by about 5:10 am ET, moving from an early morning low of 1.5238. The pair was worth 1.5179 at last week's close. Euro zone's annual inflation held steady at 3.2% in February, same as in January, the flash estimate from the Euro stat indicated today. This was in line with expectations. Additionally, the Italian producer prices rose 5.2% on a yearly basis in January. On a monthly basis, producer prices rose 0.4% in January. Economists were expecting a month-on-month climb of 0.5%. The dollar that closed Friday's deals against the sterling at 1.9873 strengthened to 1.9812 at about 3:55 am ET. The greenback shed a few pips thereafter and is now trading near 1.9853 against its British counterpart. The US ISM manufacturing data for February has been slated for release later in the morning.