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To: Earlie who wrote (175558)	6/26/2002 11:18:18 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

I think that the impetus for a move will come after the G-8. EZ wished a higher EUR at 0.86 to 0.87 it overshot, as a result their economies are slowing, US trade balance is improving EZ is going into the red. EZ tries to avoid rate hikes due to local inflation by propping up the EUR The trade numbers released are almost 2 months old but a calculation "on back of the envelope" will prove that EZ is in the red based on trade numbers released from Jan to April. Crude oil an real time indicator of economic activity is steady more or less in USD terms meaning the world economy is slowing down again. The US resorted to rate exchange to prop it's economy - example DD announcement reflects that. I am fully hedged in my EUR holdings now, Parity ?? Two months ago they projected by December with today speed we can have it tomorrow or linger all summer. In Feb / March period no one wanted to touch the EUR and now every one is buying it