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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (16955)11/27/2004 10:59:44 PM
From: mishedlo  Read Replies (1) of 116555
 
Meanwhile Europeans have reason to suspect that Asian central banks had been major players in driving up the euro while resisting appreciation themselves. A crucial but little noticed paradox of the past two years has been that the strength of the euro has coincided with a sharp fall in euro-zone foreign reserves. This suggests that Asian central banks had not just been shifting reserves into euros but had been covertly buying euro-zone bonds through commercial banks. Meanwhile, lower euro reserves limit Europe's ability to undertake some covert intervention of its own to force up Asian currencies.
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