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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Chip McVickar who wrote (240)	6/23/1998 9:48:00 AM
From: Henry Volquardsen	of 3536

Chip, Rates in South Africa have been volatile recently. They are back up a bit today but they have been higher. I have seen aggressive interest rate policy work successfully in defending a currency but I have also seen it fail. It all depends on how sound the underlying fundamentals are. In the case of South Africa I suspect they will eventually break but it will be a question of wether they go for a step function move or a gradual managed decline. Henry

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