Nothing really exciting happened during the period under review (January 29-February 6) as the currency markets stayed within the range that has been in place for some time now. With the US posting disappointing unemployment and budgetary figures, the dollar lost some of the ground it had previously gained, finding few supporters in the financial markets. The gains made after the verbal interventions of the European Central Bank also evaporated. America's economy grew by 4.0% at an annual rate in the fourth quarter. That, however, fell short of the consensus forecast of 4.8%. The Institute for Supply Management's manufacturing index rose slightly to 63.6, up from the downwardly revised December figure of 63.4. The ISM's service-industry index, however, rose strongly from 58.0 in December to 65.7 in January. ISM readings above 60 indicate rapid expansion.

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