U.S. Market March 06, 2001

The Euro rose against the dollar and to near a seven-week high against the yen on optimism the Euro-zone's economies will outperform the U.S. economy this year, drawing investors to European assets. The Euro rose to .9335 U.S. cents, from .9286 cents Monday.

Japan's currency traded at 118.76 per dollar from 119.18 in New York trading Monday. The Yen strengthened in the overnight market as far as 118.29 as Japanese stocks rebounded. However, the Yen weakened during NY hours on rumors that the BOJ chief Hayami would resign. The dollar was little changed against the British pound at $1.4666 per pound from $1.4667 in New York trading Monday. It fell against the Swiss franc to 1.6490 francs from 1.6527. The Canadian dollar opened higher on Tuesday with support coming from the Bank of Canada's decision to cut interest rates by an aggressive 50 basis points to 5.25 percent.

US productivity data for the 4th quarter of 2000 was revised at 2.2 percent versus 2.4 percent previous. January factory orders fell 3.8 percent while Durable goods came in higher at 6.5 percent against a previous 6.0 percent gain.

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