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To: MythMan who wrote (1054)	6/28/2000 8:18:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 436258

the buck needs to get higher, we have further talk of higher rates to come in euro land and interestingly 4 secondary currencies under attack this weak, the Korean Won, the Mexican Peso. phil. peso and the indian currency. if these 4 brew into anything, it will be the first time in almost 2 years that I recall so many little currency "brush fires" ----Speaking to Market News International former vice minister Sakakibara said the MOF will likely order the BOJ to intervene in the event the yen strengthens much further. He went on to say that zero rates did not represent a moral hazard and that it would be a mistake to raise them given lingering deflationary forces and no evidence of improved private sector consumption. In Europe, the ECB?s chief economist Issing, interviewed in the German weekly magazine Focus warned that import price rises posed an inflationary risk and that the ECB stood ready to act. In the wake of today?s 2% rise in German import prices the odds favour a further escalation in the repo towards 4.75% by year end. Elsewhere, the Korean won fell in reacting to a deterioration in the current account in the wake of reduced investor inflows. The Philippine Peso fell on fears the US will raise rates. The central bank Monday cut its deposit rate 1.5% to 8.5% unwinding three previous rate increases and adding to confusion over policy direction. The Indian Rupee fell on fears foreign investors will dry up leading to a potential weakening further on in the year. ------