& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

Dollar ends softer as mark, Swiss franc gain
NEW YORK. May 19 : After suffering a hard knock overnight, the dollar skidded further to the close. The Swiss franc rallied on news the Swiss government had applied to join the European Community, while the Deutsche mark Jumped on a wage deal reached by the IG metal union and employers, reports Reuter.
"With this type of scenario, you can't be too many forecasters holding to the view the dollar has bottomed out," said Rick Porter, corporate dealer at Fuji bank in. New York.
The dollar closed at 1.5953/60 mark and
128.75/85 yen. down from the opening at 1.5980/90 and 129.10/20 and sharply below Friday's US close at 1.6095/05 and 129.80/90.
Before the Ub open, a Swiss radio report that the government detided to apply to Joining the EC gave the Swiss franc a firm boost. Later on, the Swiss cabinet office confirmed it decided to apply for the start of membership negotiations in the "near future."
The dollar was given a mild reprieve from its 1.4625 franc lows today after Swiss National Bank Vice President Hans Meyer said the bank saw no
reason to place the Swiss franc into the European Monetary System (EMS). Entry into the EMS Is generally seen as adding strength to such a currency.
Randolf Donney, research director at Pegasus econometric group, said Swiss Franc's gains on the government s EC decision was partially muted by the German wage settlement overnight, which sparked a run-up In the mark. The dollar snak more than a peennlg from Friday's close on the news.
The last-minute pay deal, which saved Germany's econ-
omy from a potentially crip pllng massive engineering strike, provides for an overall 5.8 per cent pay increase for 1992 and 3.4 per cent in 1993, Including additional payments.
The pay deal signalled to the Forex market that German Interest rates would remain firm to curb Inflation.
The belief that German monetary policy must remain firm was confirmed by a statement of Bundes Bank board member Otmar issuing today that strong money supply growth was allowing no scope to reduce Interest rates.
Germany's M3 money supply, a baramoter of future inflation, rose 9 7 per cent In March, far beyond the Bundes Bank's 1992 target ceiling of 5.5 per cent.
A trader at a European Bank said comments today by Bundes Bank President Melmut Schlesinger that the pay rise package was a potential danger for the economy helped slow the dollar’s slide against the mark. "But a six per cent (dollar/mark yield) differential can't help the dollar much." he added.
Some traders said the dollar maintains a downward bias
but could find short-term support at its days low of 1.5930/40 marks, which on ■he charts marks a 50 per cent retracement ol the move from the lows of January to the peaks of April.
The market awal's any signals on US Interest rates which might conic out of US April housing data, due at 1230 GMT Tuesday, or the FED's FOMC council meeting Tuesday and Wednesday.
"Fed policy is still tn the Air." said the European bank dealer. "It took a back scat at least today (to European news). I'm waiting for more figures to come out."