15 March 2001, 11:36 In currencies, Wednesday's close saw continued >
In currencies, Wednesday's close saw continued safe-haven buying
of dollars on all fronts, as a global equity sell-off sent shocked
investors scrambling into the U.S. currency, sources said. "There is no
place to hide," said Barbara Rockefeller, president of Rockefeller
Treasury Services, commenting on the flight to quality, i.e., cash seen
in recent days. Rockefeller said there may be another reason for the
dollar's strength, especially against the euro. Many Euroland companies,
which bought into the United States last year, paid for these purchases
in stock. Now, U.S. institutional investors are said to be selling off
these Euroland holdings and converting the proceeds back to dollars.
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