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To: sea_urchin who wrote (32192)	4/19/1999 6:51:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116767

Serle, I think it is just a rotation (Gold would move a lot higher if it is about US dollar/Market crash... Forex roundup: Yen stronger against most in late New York trade NEW YORK (AFX) - The yen was stronger against most major currencies in late trade, boosted by renewed enthusiasm for Asian economies while the Kosovo conflict continued to weigh on the euro and the dollar suffered from weakness in U.S. stocks, dealers said. The DJIA ended 53 points lower after earlier rising by over 200 points and the Nasdaq recorded its second largest point drop ever, raising fears of a correction in Wall Street's high-valuation stocks. "The stock market had a downward impact on the dollar," in afternoon trade, according to Henry Wilmore, analyst at Barclays Capital. However, he said the "real action" in today's trade continued to be in the cross-trading of the yen and the euro, which saw the Japanese currency continued to record gains against the euro. "The yen/euro is the combination the market is paying most attention to. The yen continues to appreciate given that it is furthest removed from the situation in Kosovo," Wilmore said. Meanwhile, more signs appear to point to a modest recovery of Asian economies, he added. According to the Asian Development Bank's annual outlook, Asian economies will recover in 1999 and 2000, with the region's GDP forecast to expand 4.4 pct this year, and 5.1 pct next year. Against the dollar, the euro continued to recover after reaching a new historic low, receiving a slight boost from weakness in U.S. equities, dealers said. Earlier, the euro fell to 1.0593 usd following a speech by European Central Bank President Wim Duisenberg, who said the bank's recent rate cut would not necessarily be the last in the foreseeable future. "Duisenberg kept all options open, and wouldn't say the bank won't ease again, which is the stance the market thought was in place. The euro then touched its lows, but I think the market read a little too much into that," Wilmore said. Dealers noted that recent yen strength against the dollar provoked the expected reaction from Japanese officials, with the Ministry of Finance's Eisuke Sakakibara warning of "decisive action" to prevent too strong a yen. His comments brought the dollar back above 118 yen for a short while, before the U.S. currency fell back, dealers said. "Sakikabara's comments have been inconsistent so the market has stopped listening. The last time we had an intervention was when the dollar fell below 110 yen. I don't think the market will take it all the way there. Near term, it should be about 115 yen," Wilmore said. Tomorrow's U.S. February trade numbers are not expected to impact the dollar even if they show a larger-than-expected deficit, dealers said. New York 5:05 PM London 4:10 PM New York Fri 4:05 PM Dollar yen 117.61 down from 118.13 117.77 sfr 1.4967 down from 1.5100 1.4967 Euro usd 1.0655 up from 1.0603 1.0701 yen 126.01 up from 125.27 126.01 sfr 1.6023 up from 1.6015 1.6023 stg 0.6636 up from 0.6595 0.6636 Sterling usd 1.6136 up from 1.6080 1.6136 yen 190.01 up from 189.90 190.01 sfr 2.4146 down from 2.4280 2.4146 Aud usd 0.6469 0.6469 yen 76.18 76.18 stg 0.4009 0.4009 ng/pav/ © Copyright 1998, The Nasdaq Stock Market, Inc. All Rights Reserved. Please read our Disclaimer and Privacy Statement