Word: scaillet
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According to money traders, American companies have been selling dollars quite as actively as European and Japanese firms. Indeed, André Scaillet, chief money trader in Europe for First National Bank of Chicago, said before last week's rescue that American businessmen "are frequently more bearish on the dollar than the Europeans." Moreover, the selling had spread from U.S.-based multinationals to ordinary companies in the American heartland. In most cases, however, the selling was self-protective rather than speculative in the true sense; if a manufacturer in Illinois bought steel from a German mill, it had a strong motive...
Surprisingly, many of the money traders agree, though they are making profits out of the irrationality, which they blame on their clients. Asks André Scaillet, chief money trader in Europe for First National Bank of Chicago: "Can you tell me if it's logical to have a 7½% [downward] movement of the dollar against the Swiss franc in a single day? It's out of this world!" Money traders worry quite as much as any finance minister about what the drop in the world's central trading currency is doing to the global structure...
American heartland. Says Scaillet: "Ten or 15 years ago, American businessmen were so proud to have the dollar. If you talked about the possibility of a depreciating buck, they would laugh in your face. Now they are frequently more bearish on the dollar than the Europeans...
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