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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (2917)	9/22/2000 8:54:59 AM
From: Voltaire	Read Replies (2) of 65232

Folks, this is what we get by being in the great Global Economy. NOW, anyone want to bet on OIL PRICES declining at the same time. Gee, why am I not surprised by all of this - ECB props up ailing euro Euro jumps about 4% after ECB, Bank of Japan and U.S. Fed intervene September 22, 2000: 7:39 a.m. ET LONDON (CNNfn) - The European Central Bank finally stepped in Friday to buy euros to try to prop up the ailing currency, which has lost about a third of its value against the U.S. dollar since it inception in January 1999. The euro jumped almost 4 percent, or 3.32 U.S. cents to 89.42 in midday trading in London. The ECB said its move was backed by the U.S. Federal Reserve, the Bank of Japan and the Bank of England. "The foreign exchange market has been a little disorderly of late, but I'm a bit surprised by the timing -- I wouldn't be surprised if it was because of the Danish referendum," said Bill O'Neill, an investment strategist at HSBC. Asked whether the intervention would be enough to stem the selling tide in the euro, O'Neill added: "These coordinated moves in the currency market tend to be very significant -- at the least it should provide a base for the euro." V

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