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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Debra Orlow who wrote (3808)1/13/1999 8:23:00 AM
From: John Pitera  Read Replies (2) | Respond to of 99985
 
Hi Debra, Brazil has expanded its trading bands on the Real.
As Mark Haines of CNBC just said since the only direction the Brazilian
currency is going is down, with the expansion of the trading bands, we
may not have an official devaluation, but it does appear that a
de facto deval. is occurring.

Let's watch the money center banks and brokers to gauge their reaction
today. I see Hong Kong was down over 4% today and that was on concerns with China and was not influenced by the Brazilian situation
as HK was already closed.

John



To: Debra Orlow who wrote (3808)1/13/1999 8:31:00 AM
From: John Pitera  Read Replies (1) | Respond to of 99985
 
Debra, did you catch that explanation by Kathleen Hayes on the Brazilian currency situation????? They just moved to a 10% band that
can be readjusted every 3 days??

If I heard her correctly, then this means the currency which is already down 9% today can be down by 25%-30% by the end of next week,
if economic and monetary conditions in Brazil warrant the Brazilian
Real moving down to that type of level.

Regards,

John


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