28 June 2001, 17:30  US FX Daily Outlook: Euro falls sharply after data, Fed move

By Jim Cote
Jim Cote, June 28 (BridgeNews) - In the wake of the Fed's rate cut Wednesday, the U.S. dollar rallied overnight and continued its advance in early trade against most major currencies. The euro fell hard and fast as the U.S.
action was seen in sharp contrast with the cacophony of voices coming from the euro zone. The U.S. Fed has aggressively cut rates six times for a total of 275 basis points this year. The ECB has managed only one 25 bps ease.
USD/JPY 125.00 price will be closely watched as an option trigger is said to exist at that point. The 85.00 EUR/USD is a major support area. Thursday's domestic economic agenda will focus on Fed's release of minutes of the May 15 FOMC meeting and money supply figures. The intraday outlook is bullish for the dollar.

Current Previous Change Global Global
NY open NY close low high
USD/JPY 124.64 124.33 0.31 124.22 124.84
EUR/USD 0.8518 0.8593 -0.0075 0.8510 0.8616
EUR/JPY 106.19 106.86 -0.67 106.08 107.50
GBP/USD 1.4099 1.4165 -0.0066 1.4104 1.4192
USD/CHF 1.7825 1.7660 0.0165 1.7643 1.7850
USD/CAD 1.5197 1.5162 0.0035 1.5134 1.5208
AUD/USD 0.5119 0.5188 -0.0069 0.5111 0.5191
NZD/USD 0.4116 0.4162 -0.0046 0.4109 0.4169
SP.1 1224.90 Bridge N/A 5.90 1213.50 1225.00
ND.1 1788.00 Bridge N/A 16.00 1748.00 1791.00

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