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To: LLCF who wrote (176719)	7/1/2002 4:09:08 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

It is bullish because the USD did not run up just on thin air. With a weak economy and high unemployment it will be difficult to generate what was lost in the "PUFF" as those 89.9% working must also maintain the others not working so 12% of their money goes to charity and EZ governments collects less taxes. Would had been a very different story if the labor market in EZ was taking off

To: LLCF who wrote (176719)	7/1/2002 5:19:21 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

Who is changing it's spots ?? ......... that is a typical EZ story. The dollar rose by late European trade after earlier losses carried it as low as 99.77 against the euro and 119.25 yen. Telecom woes were the main interest as breaking news that France might renationalize the heavily indebted France Telecom drove the stock higher but the euro lower. The Finance Ministry initially said that if the market mood does not improve it would consider such a move. It later retracted its earlier statement bringing confusion to the market. However, given the large stake the government holds in the national telephone monopoly the rumor was enough to wake traders up to the fact that corporate risks are not confined to the US. The other driving force behind the euro selling was just what would France do with the enormous debt load carried by the telecom giant, especially given ongoing concerns about France's commitment to reducing their debt by 2004 as planned.