11.   In the absence of an agreement, dealers believe a strong yen suits the US as it hurts the Japanese trade surplus.

12.   At the Nomura research institute economist Martin Llewellyn said that dealers believed the Bundesbank would make no changes.

13.   But dealers still believed that monetary policy would be tightened after the elections, the UBS analyst commented.

14.   Dealers also believe Washington is attempting to push the yen higher to put pressure on Japanese exports.

15.   Dealers believe cocoa could go higher, particularly if the current drought in the Ivory Coast continues into August, spoiling the harvest.

16.   Dealers believe such stong figures accentuate the possibility of a further rise in US interest rates.

17.   Dealers believe that the talks between Baghdad and the UN over the oil-for-food deal may well end in deadlock.

18.   Dealers believe that this proposal merely brings the existing situation into the official arena.

19.   Dealers believed that the US was playing with the higher yen to put pressure on Japanese exporters before the trade discussions.

20.   Dealers generally believe that the US Federal Reserve must increase rates if the dollar is to recover.