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19 March 2002 10:44  The dollar held a somewhat soft tone at the close on Monday


The dollar held a somewhat soft tone at the close on Monday, down from morning opening levels, but not necessarily under pressure ahead of Tuesday's Federal Open Market Committee meeting. The euro-dollar closed at $0.8825, up from New York opening levels near $0.8791, and dollar-yen at Y131.28, up from Y131.20. Most traders said there should be little currency reaction, if as widely expected, the Fed moves to a neutral bias. Analysts point out that the Riksbank would be the first of the major global central banks to reverse the current easing cycle and begin to tighten rates. The dollar-Stocky fell from overnight highs just over Sek10.3800 to New York closing levels near Y10.2750. //MarketNews
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