Euro Rises To New Highs On Dollar, Yen

June 6, 2002

1436 GMT - The euro pushed to new 16-month highs on the dollar through 94.53 cents and to two-month highs on the yen at 117.57.

The euro has been gaining on the dollar throughout the U.S. morning as U.S. stock prices wilt, putting on a head of steam after breaking through a tough area of congestion at 94 cents. The euro rose as high as 94.67 cents, putting it at the highest level since 95.04 on January 19, 2001.

The euro's sharp gains against the dollar helped lift it to 117.57 yen, its highest since April 2, 2002, when it matched that level.

Earlier, the dollar had picked up a bid after U.S. weekly jobless claim data came in better than expected. Claims were 383,000 in the week ended May 31, down from 410,000 in the prior week and compared with expectations for 407,000. But dealers said strong data can lend the dollar only so much support, given the market's fixation with weak stocks.

Nasdaq <.IXIC> down 1.7 percent, Dow down 0.9 percent <.DJI>.

http://webcenter.newssearch.netscape.com/aolns_display.adp?key=
200206061036000296594_aolns.src