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مشاهدة النسخة كاملة : سوق الأسهم مرة أخرى تأخذ مركزا في سوق العملات - الجمعة



Ramsey
21-07-2002, Sun 8:13 PM
المقال عن داو جونز نيوزواير

New York Market Summary

By Tyler Lifton
OF DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--The equity market once again took center stage in currency markets Friday, as another down day on Wall Street dragged the dollar lower against all its major counterparts.
The stock market was pummeled by a mix of poor earnings reports from the likes of Microsoft and Sun Microsystems, news of a Food and Drug Administration probe into Dow component Johnson & Johnson over a lawsuit brought by a Puerto Rico-based employee, and word that the Justice Department is investigating DaimlerChrysler for alleged price-fixing at Mercedes dealerships in the New York area.

"It's an equity market call from here, and there's very little evidence of an equity market rally anytime soon," Thomas Molloy, currency trader at Bank Leumi, said of the current weakness in the dollar.

But he added that, despite dipping to its lowest level in 30 months versus the euro early Friday during the global session, "I must say that the dollar has proved relatively resilient today" given the carnage among equities.

On the economic front during the morning trading session, an unexpected widening of the U.S. trade gap in May to record levels produced a knee jerk reaction in the dollar that initially sent it lower. The effect of the data did not last long, however.

The U.S. deficit in international trade of goods and services expanded to $37.64 billion in May from a revised $36.14 billion in April, the Commerce Department said. The April deficit was previously reported at $35.94 billion.

The euro rose as high as $1.0209 at one point early Friday before backing off. To the extent that the dollar was able to rise from its weakest levels of the day was a function of market positions being unable to support the sharp fall it has sustained recently, currency professionals said.

"I believe there was a fair bit of euros to be sold around the recent highs of $1.02," Molloy said.

There is "Uncertainty about pushing (the dollar) very far in a thin market" added Anne Parker Mills, foreign exchange analysts with Brown Brothers Harriman.

Currency market activity was fairly light Friday afternoon ahead of the weekend.

Against the yen, the dollar also found some support after dipping as low as Y115.56.

The dollar continues to find buyers in the Y115 region, stemming from anticipation that the Japanese government could very likely intervene again soon to weaken the yen. It intervened on seven occasions between late May and June, but has not yet done so this month.

But, there were rumors Friday that the Japanese state-linked pension fund Kampo had been active in the currency markets bidding for dollars around the Y115.50 level, according to one New York-based foreign exchange trader.

Kampo is understood to be a proxy for the Japanese government in some respect, although its involvement in the currency market stops well short of actual intervention.

In the past, Kampo's action have sometimes been a precursor to subsequent official intervention by the Ministry of Finance.

Late Friday in New York, the dollar was trading around Y115.69, down a full yen from Y116.69 late Thursday. The euro was exchanging hands at $1.0132, versus $1.0096 the day prior. Against the Swiss franc, the dollar was buying CHF1.4407 Friday, down from CHF1.4509, while the British pound was trading at $1.5781, up from $1.5705.

By Tyler Lifton; Dow Jones Newswires