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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Robert Douglas who wrote (655)	9/11/1998 11:40:00 AM
From: Paul Berliner	Read Replies (2) of 3536

Robert, I personally find it puzzling that the dollar has now fallen sharply vs. the DM. The yen I can understand, due to events I've mentioned earlier, such as the domino effect on traders' stops after big hedge funds covered a few weeks ago to satisfy mega-margin calls from losses in Russia. I then lobbied that as stop after stop was triggered, a dollar/yen selling panic emerged, and here we are at 130. It's spooky how the dollar rallied 4 yen after the BoJ rate cut, but has since given back the entire gain and more. Regarding the DM though, I would assume that the negative opinions on German Banks that have developed from russia's wake would weaken the DM equally as much as the dollar, but this has not been the case. I can't see why the DM has held up through this whole mess while the dollar hasn't. German Banks have just as much to lose as US ones, and I can't give Clinton's situation the weight of 13 DM's. No way.

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