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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Haim R. Branisteanu who wrote (5018)	1/14/2004 9:24:41 AM
From: mishedlo	Read Replies (1) of 110194

Thanks Haim - I highlighted the key areas news.ft.com France is co-ordinating efforts with Germany to ensure that next month's meeting of Group of Seven finance ministers sends a strong signal on the need for stability in the currency markets. But both countries are facing an uphill task in persuading the US administration of the need for G7 action to correct the steep decline in the dollar against the euro. European officials said the two sides were holding increasingly antagonistic views. European governments and central bankers are increasingly concerned about the problem while US officials insisted there were no grounds to act. The growing rift was highlighted on Tuesday when Alan Greenspan, chairman of the US Federal Reserve, played down the dollar's weakness and repeated his view that he saw no problem in funding US deficits. Most analysts believe the Bush administration favours a weaker dollar to help domestic exporters and narrow the ballooning trade deficit. It would be loath to see a dollar rise just ahead of the presidential election. "It will be pretty hard to get the US on board [at the G7]," said Mark Cliffe of ING. "The US is on a global growth campaign and the ball is now very firmly in Europe's court." He said the ECB might have to cut interest rates before the US was prepared to sanction any G7 concern about exchange rates. ===================================================================== Mish

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