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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Paul Berliner who wrote (656)	9/15/1998 12:58:00 PM
From: Robert Douglas	Read Replies (1) of 3536

To all on thread. Wayne Angell, former Fed Reserve Board member and chief economist at Bear Stearns, wrote this yesterday. For what it's worth. The current account deficit has increased from an annualized rate of $140 billion in the second quarter of last year to $226 Billion in the last quarter, as net exports from the U. S. have fallen by $74 billion. It may be that the recent drop in the dollar against the yen, despite the quarter-point rate cut by Japan and its weakness against the German mark, reflect growing market concerns about the growing supply of dollars provided by the widening trade deficit. However, given the strains that emerging market currencies are under, this softening in the dollar is a welcome development. -Robert

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