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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (29362)	3/5/1999 8:15:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116898

Dollar Mostly Lower Friday, 5 March 1999 N E W Y O R K (AP) THE DOLLAR fell against most major currencies Friday after coming off of a rally in Japan and New York. The dollar also reached a new high against the euro before reversing course. In late New York trading, the dollar was quoted at 122.80 Japanese yen, down from 123.35 on Thursday. The euro was quoted at $1.0835, up from $1.0805. During the trading day, the euro slipped to $1.0785, yet another low in the euro's slide since it began trading at the beginning of January. The dollar rose during Asian trading as Japanese stocks surged 5 percent thanks to Thursday's rally on Wall Street and record low interest rates in Japan. Interest rates fell this week in Japan because the government bought short-term bonds, flooding the market with cash and driving down interest rates. Traders thought Friday that similar actions would continue because a senior International Monetary Fund official said he welcomed greater easing of Japan's monetary policy. Japan is fighting its worst recession in decades, and lower interest rates spur borrowing but weaken the yen against other currencies. Later, during New York trading, the dollar rallied further as Wall Street interpreted new economic data, a slight rise in unemployment to 4.4 percent in February, as a positive sign that inflation was not a threat. Stocks and bonds rallied, the Dow Jones industrial average soaring 268 points to a new high. The U.S. Treasury 30-year bond initially rose more than 2 points, which lowered its yield. But then the dollar stumbled as the lower interest rates brought on by the rise in bond prices made the dollar less attractive versus other currencies. "It was the same old story, the dollar getting yanked around by bonds," said David Solin, a partner at Foreign Exchange Analytics in Essex, Conn. The dollar also was quoted at 1.4707 Swiss francs, up from 1.4699, and 1.5199 Canadian dollars, down from 1.5253. The British pound fell to $1.6064, down from $1.6098. Currencies of the countries participating in the euro no longer are traded separately and are tied to the euro by a fixed rate. Based on Friday's euro rate, the dollar was worth: 1.8051 German marks, down from 1.8100; 6.0533 French francs, down from 6.0716; and Italian lire, 1,785.71, down from 1,792.11.