Markets see Snow comments as green light to sell dollar (afp)

[Career Prole]

LONDON (AFP) - Far from reversing the dollar's slide, comments from US Treasury Secretary John Snow have been taken by markets as a sign that Washington welcomes a weaker currency, to the alarm of eurozone officials as the euro hit new highs.

Snow's repeated insistence on a tour of Europe this week that the US "strong dollar" policy remains intact has been received with increasing disbelief by dealers, who chased the euro to a new record high of 1.3074 dollars.

<snip>

"The selling pressure on the dollar was fuelled... by the comment of US Treasury Secretary Snow that the history of efforts to impose 'non-market valuations on currencies is at best unrewarding and chequered'," said Paul Chertkow, economist at The Bank of Tokyo-Mitsubishi.

"In the absence of a clear statement from Mr Snow that dispels the belief that the Bush administration welcomes the depreciation of the dollar as a means of ameliorating the US current account position, selling pressure on the dollar against the yen appears set to intensify ahead of the G20 meeting."
http://story.news.yahoo.com/news?tmpl=story&u=/afp/20041118/bs_afp/forex_europe

Would you buy used currency fom this man?

[eataTREE]

1. OK, that's it, I'm calling my broker.

Goodbye, U.S. stocks. Hello, international funds and gold.

[Career Prole]

3. The way things are starting to cascade I'm considering

burying what loot I have in a jar in the backyard.

[phantom power]

4. just don't bury your american dollars, they won't be worth the effort

to dig back up.

[Career Prole]

5. Excellent point!

Advice taken! :)

[gratuitous]

6. On the contrary

Many women in Europe are finding that 15 or 20 American dollars, rolled tightly, make a cheap and effective tampon.

[Career Prole]

8. I shouldn't lean back in my chair...

You almost made me fall out of it!
LOL!! :D

[natrat]

2. burns let's bankrupt the world

[Mokito]

7. That man looks like a symbiosis of

Montgomery Burns and J.R., two of the most greedy and notorious TV-scoundrels ever.

:scared:

[donkeyotay]

9. And who gets screwed in this operation?

The working class morons that voted for "morals." Morals my ass. I was reading how some of the founding fathers were so liberal, in the traditional sense of the word, that their standard was to ask whether they were harmed or their "pockets picked" as the question to ask before enacting a law. Funny how that whole homosexual thing doesn't meet that standard. Why should I care what two people do to fulfill their own pursuit of happiness if it brings me no harm? Yet, the people who thought this was the issue of the election are certainly going to have their pockets picked now.

The rich will move their assets. The working poor will watch inflation eat their miserable paychecks.

[VegasWolf]

10. Children, once upon a time people used to snort coke

through a 100 dollar bill and they thought that was
a luxury.

[cliss]

11. No, I definitely would not buy anything from this man.

In particular, nothing that comes out of his mouth. Like lies.

That wicked smile is Snow thinking about all the European countries which will go bankrupt this year. European companies that export to the US. Especially FRENCH companies. He heh snicker snicker. guffaw chortle. German, too. Other ancillary countries like Luxembourg, Belgium, England, all of them.

He and his evil cronies have been clinking together their champagne glasses every evening.

Just wait, John. Your celebrations may be premature. You didn't count on European countries boycotting US-made goods, did you?

[Career Prole]

12. Until I saw that picture I didn't think there was such a thing

as sinister "laugh-lines".