格老讲话，只有英文的
Boston,January 13 -- The Fed and Bundesbank chiefs are meeting in Berlin this afternoon
to discuss globalization. Greenspan says the dollar"s depreciation has pressured
Eurozone exporters to be more productive and competitive. He says US inflation
is inactive despite the dollar"s recent woes in the foreign exchange arena.He
also finds few indications that the current account deficit, near five percent
of US GDP, is difficult to finance.This and the budget gap have become hot
button issues for the administration especially given the books from former
Treasury secretaries O"Neill and Rubin.More.-- Jeoff.Hall@thomson.com Boston, January 13: An
interesting subtext is developing, with Welteke and Trichet seemingly not on the
same page in the playbook. Earlier today, Welteke said the effect of the EUR on
exports shouldn"t be overstated (though he is now acknowledging it could hurt
exports). He also says that "we value a strong currency",a fairly benign
comment, but one that is unhelpful if the president of the central bank is
trying to jawbone the currency lower. He sees the global economic recovery as
more important than the currency for the German economy.
Greenspan is on the tape, downplaying the risk of a current account-inspired
dollar crisis and saying the dollar can benignly share the reserve currency role
with the EUR.
EUR/USD continues to run into strong selling above the 1.2780 level. --
Jamie.Coleman@thomson.com
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