27 June 2001, 15:33  Markets Quiet Ahead of US Interest Rate Decision

Trading in European foreign exchange, bond and stock markets was generally quiet ahead of the US interest-rate decision, expected at 1815 GMT. The dollar was higher against the yen at Y124.41 after another fall in the Nikkei, weak retail sales out of Japan and a large dollar-yen buy order by a Japanese telecoms company. The dollar is little changed against the euro at 0.8625. US Treasuries were steady, with the 2-year note up 1 tick at 100 15/32, the 5-year note up 1 tick at 99 22/32, the 10-year unchanged at 98 13/32 and the 30-year unchanged at 96 06/32. EMU bonds moved in a narrow range. In stocks, the FTSE-100 was 35 points higher at over 5592 at midday, with sentiment boosted by Nasdaq gains overnight and a recovery on the Dow Jones Industrial Average as traders expected the Fed to cut interest rates by up to 50 bps. The German DAX was lower after a Bayer profits-warning.

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