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To: Calvin who wrote (105859)	3/1/1999 9:04:00 AM
From: Mohan Marette	Respond to of 176388

Dollar Rises vs Euro; U.S. Growth Seen Outpacing Europe, Japan Looks like the U.S economy is firing on all cylinders,hope the ECB schmucks lower the interest rate when they meet this Thursday as we can not afford sluggish growth in EU countries now can we. ===================== London, March 1 (Bloomberg) -- The dollar rose against the euro and was little changed against the yen, ahead of reports analysts expect will signal U.S. economic growth continues to outstrip that of Europe and Japan. ''Dollar strength is still the name of the game,'' said Klaus Kusber, a currency strategist at Dresdner Kleinwort Benson in Frankfurt. ''The dollar is strongest because the U.S. economy is the strongest.'' The euro fell to $1.0984 from $1.1015 and is down 5.8 percent so far this year against the dollar. The dollar was little changed at 119.20 yen from 119.09 in London late Friday. The yen has fallen 4.6 percent this year. A report today is likely to show U.S. manufacturing improved in February, economists said. Signs of economic strength have fueled expectations U.S. rates may rise later in the year to keep growth from overheating. In one sign of growing expectations for higher U.S. rates, the implied yield on the June Eurodollar interest-rate futures contract rose 28 basis points since Jan. 4 to 5.19 percent,compared with the June Euribor futures contract's implied yield of 2.99 percent. The gap widened to 220 basis points from 199 since Jan. 4. Stronger Growth The National Association of Purchasing Management index,which measures manufacturing orders, production and other activities, is expected to increase to 49.7 from 49.5 in January, according to economists surveyed by Bloomberg News. A reading below 50 suggests manufacturing is contracting. The NAPM index has hovered below 50 since June. Also, the Commerce Department will report on personal income and spending for January. Incomes probably rose 0.4 percent in the month after increasing 0.5 percent in December, analysts said. Spending probably climbed 0.2 percent after increasing 0.8 percent a month earlier, analysts said. The U.S. said Friday the economy grew at the fastest pace in more than two years during the final three months of 1998,expanding at a 6.1 percent annual rate in the fourth quarter. The euro 11 economies, meantime, face sluggish growth.Italy said today gross domestic product rose by 1.4 percent in 1998, its weakest gain since 1996. The European Central Bank meets Thursday to set interest rates for those countries that adopted the euro. ECB President Wim Duisenberg said in an interview with Spanish newspaper El Mundo that the current 3 percent benchmark interest rate is low enough to stimulate investment.