Where Will The Dollar Find Support?
Stock index futures
bounced back slightly after falling for the past two sessions. Stocks
were helped by a healthy service side report. The ISM services index for
February came in at 53.9, beating estimates of a 53 reading. Readings above 50
signify growth and the service sector expanded for 13 straight months. Although
the focus of the market has been the threat of war with Iraq and rising tension
with North Korea, no major news concerning the Iraqi situation is expected until
Friday. At the close, the March S&Ps
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futures
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989.
The dollar fell to four-year lows against the euro
today as Treasury Secretary John Snow said that he was “not particularly
concerned” with the greenback’s decline. The dollar index
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dropped 0.84 to 98.29. Basis the March euro
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to $1.09680 per euro. Secretary Snow also stated that he still supports a strong
dollar policy.
Despite positive economic data, treasury futures
rose to another contract high after early morning weakness. The 30-year
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Crude slipped slightly after the Department of
Energy reported that supplies were up by 1.7 million barrels. However, supplies
of distillates declined and are near 40-year lows. April crude
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slipped 0.09 to 36.69.
April gold
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