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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: N who wrote (919)	10/20/1998 1:32:00 PM
From: Robert Douglas	Read Replies (2) \| Respond to of 3536

Nancy, Ideas? Thought? Complaints? My opinion is unchanged. This morning's $16.8 Billion trade deficit makes it even more clear that the dollar's previous highs were artificially produced and that the recent decline was warranted. To say, as some have, that the decline is all the result of the unwinding of hedge-fund's positions ignores the fact that the “putting on” of these trades produced the high dollar levels in the first place. I believe, as I have all along, that a dollar decline was inevitable. All that was missing was the “butterfly's wings” to flap. In retrospect, it now appears that the butterfly was Russian. The tremors resulting from this are still occurring, but let me make it clear; THEY ARE NOT THE CAUSE. Oh by the way, welcome back. -Robert