Has The Dollar Seen Its Lows?

  • January 31, 2003
  • Vincent Mao

Stock index futures had a volatile session today with the Dow and S&P futures
outpacing the Nasdaq. Early weakness brought on by the lower than expected
consumer sentiment and Applied Material’s missed estimates was quickly overcame
after the Chicago PMI and personal spending came in better than expected. Also,
positive news from Walt Disney
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Honeywell
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and S&P futures. At the close the March Dow futures
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Nasdaq 100 futures
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After having its biggest gain in over a month against the Euro, the dollar
strengthened for the second straight session. In a sign that the economy is
gaining momentum, both the Chicago PMI and personal spending increased more than
expected. The Chicago Purchasing Managers index jumped to 56 in January from a 
revised 51.7 reading in December. Readings above 50 indicate expansion. Personal
spending in December rose at the fastest rate in five months. Spending increased
by 0.9 percent, or more than double the 0.4 percent increase in November. The
March dollar index
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to 100.14 and rose to 107.360 basis the March Euro. 

Both oil and gold pulled back as UK Prime Minister said that the US should
wait for a UN resolution before going to war with Iraq. On Feb. 5, Colin Powell
will present new evidence of weapons violations against Iraq before the U.N.
March crude
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and February gold
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368.30.