The dollar was broadly weaker against its.....>

FOREX: The dollar was broadly weaker against its peers during the Asia-Pacific

session, the catalyst was an article in the Washington Post that said, Senate

Republican leaders are considering a one-year delay in the implementation of a

major corporate tax cut, the paper cited four people familiar with a draft

legislation. Dollar-yen touched Asia session lows of Y113.64 but did stage a

minor recovery to hold Y113.80/85. USD/JPY started the European morning on a

buoyant tone, squeezed to Y113.93 but with lack of follow through drifted to

hold a narrow 20 pip range for the session. Euro-dollar held a tight

$1.1585-1.1611 range, early dollar demand quickly faded before the move back

through $1.1600 ( eur-stg led) squeezed to $1.1611. Cable under pressure via

eur-stg slipped from an opening of $1.3164 to $1.3126. Aussie-dollar

consolidated morning gains and held near the peak of its $0.7645-70 range. With

very little on the calendar today focus turns to the RBNZ meeting later

(2000GMT). No changes are expected and particular attention will be paid to the

tone of the statement following the recent NZD depreciation.