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[15:25 EUR/USD: Bush To Lift Steel Sanctions, Prices Slide Back] New York,      
December 4: EUR/USD has fallen back to 1.2100 as the much-anticipated decision  
from President Bush to remove tariffs on imported steel has been announced. He  
said the decision was based on the economy"s benefit from free and fair trade.  
Since the imposition of the tariffs the US steel industry has had ample time to
restructure and face the foreign competition. The falling Dollar is a plus as   
well giving them some competitive advantages, but with some Asian currencies   
fixed against the Dollar, not much impact is seen against producers from that   
region. The outlook for a 1.2150/1.2050 range is growing and the recent trend of
early action followed by dull afternoons looks likely to be recreated. --      
Thomas.Rogers@thomson.com

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