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To: Mark McLeod who wrote (1126)	12/3/1998 8:46:00 AM
From: Mohan Marette	Respond to of 27722

Dollar Soars On Surprise European Rate Cuts Expect the market to go up today on account of the unexpected European rates cuts,particularly the French and German.(Market should be up.) ============================================================== 8.32 a.m. ET (1332 GMT) December 3, 1998 LONDON — The dollar firmed over half a pfennig in immediate response to a spate of European rate cuts Thursday. The dollar rose to a high of 1.6831 marks from about around 1.6760 after the Bundesbank and the Bank of France cut their repo rates to 3.00 percent from 3.30 percent. Many market participants had expected rates to stay steady until the start of European monetary union in January. Bundesbank President Hans Tietmeyer said at a news conference the world economic crisis was not over yet and would lead to a further slowdown in 1999. He also said the inflation outlook appeared to be good for some time and that current money supply growth did not point to inflationary dangers. The dollar was at 1.6776/86 marks, up from 1.6715/18 in late European trading Wednesday. The dollar had already risen ahead of the announcements after the Bank of France said it would make