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To: yard_man who wrote (244468)	6/8/2003 3:02:20 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

there are repeated rumors circling around since end of April that ME sources are buying EUR v. USD. No one can confirm that for sure and the reason given is to avoid the scrutiny of the US treasury which again seems not to make any sense. ........ and I do not know were to find the data you asked for . IMHO until recently (one year ago) the USD was the currency of choice to the Mattress Bank since the inception of the EUR. Further about 2.5 years ago many holding DM's or FF started to dump the currency due to the EUR 10,000 reporting requirement. On the margin those events affected the FX markets as Mattress Bank money is actually removed from circulation and the issuing entity only benefits. IMHO the trend had reversed and the rise in the EUR only attracted more flies as it always does when a financial instrument start to rise and made the headlines. As to ME buy's of EUR assets it may make sense as they are depressed in EUR's but expensive in USD. European RE comes in mind.

To: yard_man who wrote (244468)	6/8/2003 3:25:27 PM
From: Haim R. Branisteanu	Respond to of 436258

The Poles voted to join the EU. 81.9% in favor from a 56.2% turnout. That is around 39 million people will be using the EUR by 2004 .... the EUR will get a temporary boost......... trading at 1.1690-95 now

To: yard_man who wrote (244468)	6/8/2003 10:52:27 PM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 436258

tipped do you recall my comment on FX volatility ? Well on June 5 in the early morning EUR bought around 1.160/80 USD, the day ECB lowered rates June 5 "because perception and speculation" the EUR bought 1.1880/60 USD same day late afternoon. Last Friday or a day later, around 5 PM same EUR bought only 1.17 USD and as I write this the EUR is buying the same amount of USD as on the early morning of June 5. My point? ......... a 30 hour gyration of over 2% with no real purpose or change in the economic situation ......... just speculation and wrong perception