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To: yard_man who wrote (166057)	5/15/2002 3:52:50 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

Relief rally ---- during early hours of May 13 the EUR hit 0.9165 now around 0.9115 up from 0.8998 last night. Lost some $2000 due to the gyration and DELTA adjustment. Interesting today right after the CPI release they knew they will settle and the EUR run up from 0.903 to 0.9080 now it is just relief rally. IMHO the agreement will speed inflation in Germany as this wage hike will ultimately cover every one, and the economy is not so great. Furhter Germany and France have growing budget deficits as the GDP is below the expectation. See Italy results of today. IMHO the EUR will drift lower starting next week BWDIK