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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (244468)	6/8/2003 3:02:20 PM
From: Haim R. Branisteanu	Read Replies (1) of 436258

there are repeated rumors circling around since end of April that ME sources are buying EUR v. USD. No one can confirm that for sure and the reason given is to avoid the scrutiny of the US treasury which again seems not to make any sense. ........ and I do not know were to find the data you asked for . IMHO until recently (one year ago) the USD was the currency of choice to the Mattress Bank since the inception of the EUR. Further about 2.5 years ago many holding DM's or FF started to dump the currency due to the EUR 10,000 reporting requirement. On the margin those events affected the FX markets as Mattress Bank money is actually removed from circulation and the issuing entity only benefits. IMHO the trend had reversed and the rise in the EUR only attracted more flies as it always does when a financial instrument start to rise and made the headlines. As to ME buy's of EUR assets it may make sense as they are depressed in EUR's but expensive in USD. European RE comes in mind.

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