-Caveat Lector- Wednesday December 16, 4:44 pm Eastern Time (Note: this article is ``in progress''; there will likely be an update soon.) Dollar ends U.S. firmer as Iraq crisis looms NEW YORK, Dec 16 (Reuters) - The dollar ended higher against major currencies Wednesday as the United States moved closer to military strikes against Iraq, which could delay impeachment proceedings against U.S. President Clinton. But the dollar's gains were less pronounced versus the Japanese yen, which rallied in overnight trading after Japan reported its trade surplus continued to swell in October. The threat of renewed military conflict in the Middle East triggered some dollar buying in a knee-jerk flight to safety. The greenback is traditionally viewed as a secure place to park investment capital in times of global crisis. ``People mostly think you buy dollars on the back of this. It's silly, but people still do it,'' said one currency dealer at a major U.S. investment bank. The dollar ended higher at 116.90/00 yen from 116.03/13 at the open and 116.50/60 at Tuesday's close. Dollar/mark rose to 1.6760/70 from 1.6630/40 at the open and 1.6600/10 on Tuesday. United Nations arms inspectors quickly exited Iraq as Clinton huddled with top foreign policy and defense advisers. Anonymous defense officials said they were ready to strike Iraq without warning. The commotion fueled speculation that the House of Representatives might delay debate on impeaching Clinton, the threat of which had caused dollar sales recently. ``The dollar had been down with the impeachment story. But with any delay, that could be bullish for the dollar,'' said one currency dealer at a U.S. bank. The dollar had fallen overnight against the yen after Japan reported the surplus in its current account--the widest measure of trade in goods and services--grew 21.5 percent to $11.6 billion in October from a year earlier. As Japan exports far more than it imports, currency markets experience a relative shortage of yen, boosting its value. Japan also announced a $5.15 billion three-year loan program to boost sagging Asian economies, which was seen helping Japan along with the rest of the region. Dealers said the dollar would continue to trade in narrow but volatile ranges in coming sessions as many market players had already ended trading activities for the year. ``The market was short dollars on impeachment. Once the market gets long again, it will go back down,'' said one dealer at a Japanese bank. Late in New York trade the dollar briefly pushed above 117 yen when air raid sirens were heard in Baghdad, though witnesses reported no unusual activity. The dollar rose to 1.3525/35 Swiss francs from 1.3438/48 at the open. The British pound fell to $1.6677/87 from $1.6780/90 at the open and $1.6838/48 at Tuesday's close. The dollar rose to Canadian $1.5392/02 from C$1.5378/88. The Australian dollar rose to $0.6230/35 from $0.6210/20 at the open. (Note: this article is ``in progress''; there will likely be an update soon.) DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
