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I agree with your observation==Sell the yen contract. T.C.
On Sun, 21 Jun 1998 10:53:48 -0500 Essan Soobratty
<trader@xxxxxxxxxxxxxx> writes:
>Reading some of the news items it would seem that the G7 deputies
>get-together at the weekend resulted in very little being offered by
>the
>Japanese. Sakakibara's statement on Saturday had a lot of negatives:
>No
>specific pledge on bad debts, No real progress in talks to close
>insolvent banks and only "intentions" of reviewing tax reforms. All
>in
>all, not specific plans on rescuing their economy
>
>My initial reading on last weeks intervention was that it was done
>because the Japanese had conceded to stimulate their economy in return
>for Rubin's help. Now it seems more that the intervention was ordered
>by Clinton as a gesture to China ahead of the upcoming visit by
>Clinton/Rubin.
>
>Unless something concrete is announced I expect the dollar to resume
>its
>rally for now.
>
>Any counter thoughts? Anyone?
>
>
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