24 January 2001, 09:27 The dollar crept higher vs most currencies as U.S. equities continued to hold their gains.
With dollar currency movements frequently paralleling rallies and declines in the
equity markets, traders are quick to point out the symbiotic
relationship between the two. Traders see little likelihood of any
significant move in currencies ahead of Federal Reserve Bank Chairman
Alan Greenspan's speech before the Senate Budget Committee at 10:00 a.m.
EST Thursday. "The world seems to be comfortable with the notion that
the Fed is in control," said Jim McCormick, Foreign Exchange strategist
at JP Morgan Chase, commenting on the options for the Fed. McCormick
said, "A 25 point cut would disappoint the market and would likely send
the dollar lower."
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