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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (2273)	6/9/2003 10:58:27 PM
From: ild	Read Replies (1) \| Respond to of 4905

In my case with Russia there are currently two trends at work: 1. People beginning to trust Ruble (and keep it without converting to USD) 2. People increasingly use Euro instead of USD. Both trends lower amount of USD in circulation in Russia, so people sell USD for Euro. With Euro appreciating this trend strengthens. Same with Russian companies and government. They have had too much USD. Now they at least going to diversify. What puzzles me is that all those trends should push US yields higher. But yields keep coming down. eubusiness.com Euro role in Russia-EU trade set to expand: Russia's Putin SAINT PETERSBURG, May 31 (AFP) - The use of the euro in trade relations between Russia and the European Union is set to increase in the coming years, President Vladimir Putin told a press conference Saturday winding up a Russia-EU summit in Saint Petersburg. "The European Union is our major trade and economic partner, and as the EU expands we will overcome difficulties in our economic relations, our turnover will increase," Putin said. This will "cause the euro zone in relations between Russia and Europe to expand. It is an inevitable result of the expansion of our interaction," Putin said. Fifty percent of Russian exports now go to Europe, compared with eight percent to the United States, and the volume of imports from Europe has also risen sharply. Asked by a journalist what currency he preferred, the dollar or the euro, Putin quipped: "The ruble." He noted that when he became president three years ago, Russia's gold and foreign currency reserves stood at 11 billion dollars (9.3 billion euros), and that now they are at "more than 61 billion dollars, and rising." The Russian central bank "has decided to keep some of the gold and currency reserves in euros," he said.