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In the past few years the Deutschmark has been excessively strong and this has clearly run counter to domestic economic fundamentals. However, in recent months we have seen the Deutschmark return to more realistic levels. The question is, will the Deutschmark stay where it is, or are the markets pushing for an even weaker Deutschmark in line with the recent trend. We believe policy makers around the world now have an interest in stabilizing exchange rates where they are, as much as they had an interest in bringing forward a correction in exchange rates to rectify the severe misalignment on the forex markets between 1995 and 1996. |
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