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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (5436)1/18/2004 4:55:58 PM
From: philv  Read Replies (2) of 110194
 
Snow Says Strong Dollar in U.S. Interest

story.news.yahoo.com

"We support a strong dollar. A strong dollar is in the national interest," Snow said. "But the best way to establish the relative values of currencies is through open competitive currency markets," he added. "

So what does all that mean? I think he is talking to two constituencies. For the local US political crowd he is saying the politically correct thing, that is a strong dollar policy is desirable. However he is telling the FX crowd that they will determine its relative value, or more to the point, that inspite of his "desire" for a strong dollar, the administration will not support it.

Regarding Canada, no other country on earth is as dependent upon another as Canada is upon the US, where about 80% of her exports go to the U.S. Canada is joined at the hip with the US, and even for the US, trade with Canada exceeds that with any other nation, and is greater than US trade with all of the EU. Canada cannot have an independent monetary policy for long. Canada's interest rate is higher than the US. I would therefore not be surprised if Canada lowers it to hold back the Canadian dollar inorder to protect its US trade.
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