Rob Schaap asked, >So how did the Yen do that Phoenix thing? The previous strength of the dollar was predicated on its underlying weakness. So the rebound of the Yen was only a matter of time. Now we also have the talking interest rate blues, where the expectation of future rate cuts from the Federal Reserve translates into the immaculate conception of exchange rate differentials. On a flat earth, we might find that if weak yen is bad, then strong yen is good. In a round one, the sheer volatility, not its direction, is the curse. Regards, Tom Walker ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ #408 1035 Pacific St. Vancouver, B.C. V6E 4G7 [EMAIL PROTECTED] (604) 669-3286 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The TimeWork Web: http://www.vcn.bc.ca/timework/