6 April 2001, 11:12  STOCKS ROCKET BOOSTS DOLLAR

A stunning rally in the DJIA pulled the dollar higher vsmost major currencies at the end of U.S. hours Thursday."If you look at the dollar's gains on the entire day,including the Asian and European sessions, the gainswere pretty impressive," said Ben Strauss, Vice Presidentat Bank Julius Baer in New York. "The strong stock openwas already priced into the market, when New York camein, so there wasn't much room for us to take the dollarhigher." Strauss said there appeared to be support for theeuro-dollar just below the $0.8950 area, but said there waslittle that would propel the euro significantly higher at themoment. "It would take a 50 basis point cut by the ECBnext week to get the euro-dollar over $0.9100, and eventhen it would not be a sure thing." The euro-dollar closed at$0.8963, after touching lows near $0.8933 earlier in theNew York afternoon. The dollar-yen closed at Y124.04, withmost traders hesitant to enter into new positions until thepending emergency stimulus package was to be released.

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