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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who wrote (392)	8/11/1998 1:48:00 AM
From: N	Read Replies (1) of 3536

FT 8/11/98 Henry, what happens at Y147.00... where "several billion dollars worth of options (are) placed at this level..." ? ------- "In June, shortly after the dollar hit 146.75, its highest level in eight years, the Federal Reserve and the Bank of Japan had intervened... Nick Parsons, currency strategist at Paribas Capital Markets in London, said the key level for the dollar was not 146.75 but 147.00. It was understood in the market that there were several billion dollars worth of options placed at this level, he said. That made for stiff resistance, but if it broke then the dollar could jump. Mr Parsons noted that the D-Mark had likewise surged since breaking 80 to the yen at the start of August." ----- Nancy

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