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Dollar up on stellar upbeat data
http://www.sina.com.cn 2003/07/17 11:36  Shanghai Daily

  On the strength of positive economic data and upbeat congressional testimony from US Federal Reserve Chairman Alan Greenspan, the dollar surged broadly against its rivals on Tuesday.

  Aided by profit-taking as well as euro sales against other currencies, the dollar found enough support to resume the climb it began in June.

  In late New York trading, the euro was quoted at US.1165, down from US.1278 late on Monday. The dollar rose to 117.91 yen from 117.61 yen late on Monday. It climbed to 1.3859 Swiss francs from 1.3737. The British pound fell to US.5906 from US.6144.

  Greenspan's declaration that growth in the US economy could be round the corner came on the heels of US Commerce Department figures released on Tuesday showing that US retail sales rose 0.5 percent in June, the biggest monthly increase since March, and the Federal Reserve Bank of New York's Empire State Manufacturing Survey for July, which slipped to a reading of 22.6 from 27.6 in June, though the number was still regarded as high.

  "There was a pretty optimistic forecast (in Greenspan's report)," said Tim Stewart, chief strategist with Morgan Stanley in New York. "There was nothing to dissuade markets of the reflation theme, and that's dollar supportive."

  An emphasis on growth has gained momen-tum in foreign exchange markets as recent surges in global equities and declines in global sovereigns have many investors reconsidering their asset allocations in favor of instruments that offer growth potential rather than higher yield, noted Jana Butland, a currency strategist with FleetBoston Financial in Boston.

  "It seems like it's a question of whether this could be an equity or bond market story going forward," Butland said.

  While the dollar gained, US Treasurys suffered one of their biggest one-day selloffs this year after Greenspan damped the market's hope for unconventional monetary-easing measures such as buying Treasury notes.

  Longer-dated maturities suffered the most losses and the Treasury yield curve - or difference between short- and long-dated maturities - steepened significantly.

  Meanwhile, US stocks ended lower after a choppy session, with equity investors apparently in need of more confirmation that the US economy is indeed poised to do better.




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