28 August 2003, 09:17  Euro hovers around USD1.09 in thin trade

Major currencies stuck to relatively narrow ranges in late London trading, with little in the way of news to generate fresh perspectives. The euro has bounced around USD1.09 most of the day, while the yen has failed to recoup its losses against both the dollar and euro over the past 24 hours. At 1720, the euro stood at USD1.0903 and STG0.6923. Analysts said trading is still being thinned by August holidays. Friday's speech by Federal Reserve chairman Alan Greenspan on monetary policy should spark some volatility, however.
The dollar has risen 7pc since its most recent lows in June, in response to a sharply improved outlook for the US economy in the second half. As money managers come back to work, they will set out their investment strategies for the rest of the second half, which is expected to bring some fresh impetus to the markets. However, a number of foreign exchange analysts said the dollar may not have much room for further appreciation unless Wall Street could sustain its recent rally and bond yields rose. //www.fxcentre.com

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