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29 May 2002 13:54  Euro back above 0.93 usd on general dollar weakness


LONDON (AFX) - The euro was back above the 0.93 usd level in midmorning trade on ongoing broad dollar weakness, dealers said. The single European currency revisited its high of 0.9313 usd, which it touched during London trading hours yesterday. "The London market appears to be reasonably happy buying euro-dollar at the moment," said Jeremy Hawkins, head of foreign exchange at Bank of America. "It does seem to be the case of bearish sentiment towards the dollar becoming increasingly entrenched," he said. "There are clearly still concerns about possible Bank of Japan intervention anywhere around the 124 area, which means that outflows are perhaps tending to disproportionately favour the euro now," he added. At 10.42 am, the euro traded at 0.9307 usd, 0.6370 stg and 115.78 yen compared to 0.9281 usd, 0.6360 stg and 115.61 at 9.30 am. ap/ss/lam
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