The euro-deposit and currency markets form a solar system. Its sun is the US domestic money market. Planets include the euro-Swiss franc, US dollar and West German mark markets. Around each of these in turn satellites revolve. The euro-French franc market is a satellite of the forward dollar-franc currency market. All are under the common pull of the dollar sun which functions like Apollo’s sun chariot. During its night of rest greater independence is possible for some planets and satellites. Order is restored when the clock strikes a certain hour and New York awakens. Such ‘cinderella’ markets are located in different time zones from the US. Independence is usually impossible for dollar markets which are exposed constantly to the sun’s glare. Independent euro-dollar markets compete East-West across the earth not North-South. The division of business between financial centres from East to West occurs naturally. A longitudinal line was not drawn artificially like Pope Alexander VI’s which divided the world between Spain and Portugal.
KeywordsMoney Market Foreign Exchange Market Swiss Franc Forward Market Prime Market
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