Joseph, the reasons for what I believe will be a "broad trading range" over a lengthy period differ between the 1966/82 and the 1998/2003?, but the action might be similar, in both cases major world economies require reliquifaction (?), then it was the US now it is Asia.
As for Poland, the reports I get from within Poland is a very large differential between the black market price of the dollar and the "formal" currency exchanges rate (much greater than in China), this is often a prelude to destabilization, hoarding of foreign currencies (what in essence precipitated the Korean problem, when they suddenly changed their foreign currency rules and individuals and corporations pulled all their hard and local currencies from banks and put them in mattresses (and overseas, when they could), which in essence negatively impacts a nation's ability to finance its foreign trade.
Zeev |
