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Politics : Idea Of The Day
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To: Greg Butcher who wrote (19858)9/3/1998 9:41:00 AM
From: IQBAL LATIF  Read Replies (5) of 50167
 
I think that the European markets are selling due to $ weakness, when $ weakens the exports to US becomes less competitive for European companies. However, Latin America and Canada will hopefully act differently what is not good for Europe is good for Latin America and Asea.

The natural out come is that equities sell off, however I think $ weakness was something very important for China's/HK peg, so what is helping ASEA is eroding strength from Europe, however the markets in Europe will still be competitive at these levels of $'s. The contagion chances of spreading into Latin America are now far less, I would think that even ASEA will be greatly helped with this weakness of $. Were we all not looking for Yen to strengthen against $ otherwise China would be forced to devalue, now without devaluation we have this pressure on Peg taken out, the massive intervention required for Yen strength has been partially achieved. I think we will see stability in Latin America and Canadian markets due to this $ weakness I also see a test of 964 today but I think we will pass this test , as we move into ASEA tomorrow $ weakness will help knock out a lot of shorts.. Only on break of 947 I will like to establish short positions otherwise I will like on opening to go long at 964 if possible subject I get a good feel.

By tomorrow as clock works back with good shows from Latin America and ASEA we may see that markets realize that Europe has built in cushion for this type of softening of $.
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