Too little too late
	International Perspective – July 1, 2002
	Anne D. Picker, International Economist, Econoday

Last Week’s Highlights

Everyone heaved a sigh of relief when the second quarter ended Friday. A new cascade of corporate scandal has further shaken investors, disgusted by the misdeeds of chief executives and accountants who twist numbers to meet the demands of Wall Street. Despite this, indexes ended the week on a mixed note, with nine up and four down. But it was still too little, too late. No index followed here improved on the quarter — all are down when compared with the end of the first quarter. (See recap of global markets below)

The volatility in stocks carried over to the foreign exchange markets. The dollar at times fluctuated in tandem with equities — rising in value when U.S. equities rose, falling when equities fell. U.S. corporate scandals didn't help the dollar and neither did a flip comment by President Bush to a reporter's question. The week reached a climax on Friday with intervention in the currency markets by both the European Central Bank and the Federal Reserve, at the request of the Japanese Ministry of Finance, to stem the rise of the yen. (See currencies below)