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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (12275)	1/22/1999 5:18:00 PM
From: wl9839	Respond to of 22640

Brazil's Lopes: Floating Exchange System Here To Stay Dow Jones Newswires BRASILIA -- Brazil's current policy of a floating exchange rate is "here to stay," newly appointed Central Bank head Francisco Lopes said Friday. Meeting editors of Brazil's major newspapers at the Central Bank head office in Brasilia, Lopes said that Central Bank policy for the medium and long term will be one of reaching "a totally free floating exchange system without any interventions." Lopes met the editors at the end of a turbulent and volatile week during which Brazil's real (BRR) currency was tested hard by market forces. On Jan. 13, the Central bank widened the band in which the real trades against the dollar. Two days later, the monetary authority allowed the real to float freely for the day. Last Monday, the Central Bank formally adopted the policy of letting the real float but warned it might intervene to curb abusive movements on the foreign exchange market. Lopes told the editors that the introduction of a wider band system was taken "at a moment of transition which is now past." He said the idea of the Central Bank is to unify eventually the floating and commercial exchange systems in the long term. Since Jan. 13, the local currency has lost some 30% of its value against the dollar and closed Friday at BRR1.71 versus the U.S. currency. -By William Vanvolsem; (5561) 244 3095'wvanvolsem@ap.org

To: Steve Fancy who wrote (12275)	1/22/1999 5:23:00 PM
From: Bob Howarth	Read Replies (1) \| Respond to of 22640

Steve, do you trade at all in LEAPs on any of the Brazil stocks? I wish I could buy them in my tax deferred account instead of averaging into the stocks themselves but Uncle SAM just won't have it. Jan 2001 calls must be interesting indeed. I can buy covered calls in tax deferred account on shares I am averaging into and plan to investigate strategy over the weekend (for UBB and TSP). Would appreciate your opinion on doing some of this (or opinion of others on thread). Thanks in advance.