Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

would be interested in a position again possibly as early as late this week or early next week. i do like how the dollar stopped right smack dab in the middle of my proposed topping range of 83.7 to 84 (that is until it goes to 85- gg)
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Hi Steve,
Merely a tale of two Snowjobs.......


NEW YORK, Jan 10 (Reuters) - U.S. Treasury Secretary John Snow on Monday reaffirmed the government's strong dollar policy and said he would focus on fundamentals to support the dollar.

"We reiterate our long-standing policy. We're focused on the fundamentals of the economy," Snow told a press briefing at the Nasdaq Marketsite in New York.

Snow did not say, as he often has in the past, that the dollar's rate must be set by markets. His omission of this comment last Friday sparked a rally in the dollar.

Asked if administration policy would exclude the possibility of intervention to stem the dollar's decline, Snow said "I'd rather not speculate on what we might or might not do under different circumstances."

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Versus this morning:

Jan. 11 (Bloomberg) -- The dollar had the biggest decline in two weeks versus the euro in Asia after Treasury Secretary John Snow suggested the U.S. won't strengthen its currency.

Exchange rates are best left to ``market forces,'' Snow told Reuters in a television interview, three days after he said U.S. policy makers ``want to do things to sustain the strength'' of the dollar, which dropped for a third year in 2004. The comment last week helped the currency to its second-biggest weekly climb ever against the euro….

Any expectation the U.S. intended to halt the dollar's weakness has faded with Snow's statement,'' said Junya Tanase, a currency analyst in Tokyo at JPMorgan Chase & Co. …

``Just because I don't say something doesn't mean it's not part of our policy,'' Snow was quoted yesterday as saying in response to a question in an interview with Reuters Television. ``We believe in market forces and free capital flows.''…

``The repetition of `market forces' sounds likes nothing's changed'' in U.S. currency policy, said Robert Rennie, a currency strategist in Sydney at Westpac Banking Corp.

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