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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Bobby Yellin who wrote (2151)	10/1/1999 2:07:00 PM
From: Henry Volquardsen	Read Replies (1) of 3536

Bobby, I think some of your speculation about the European CBs motivation are correct. Their reasons are more complex than one single factor but you have identified some contributing factors. I would not underestimate how important it was that a number of large hedge funds had large short positions via 'carry' trades. The central banks love to take shots at the hedge funds and force them to deleverage. There are no reliable numbers on the size of these trades. I also think the CBs were partially motivated in boosting the value of both their gold holdings and those of the IMF. Henry

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