11.   Lower German rates reduce the returns investors can get for holding mark-denominated deposits, prompting them to sell marks for other currencies in search of better returns.

12.   So they began selling marks as his victory grew certain, traders said.

13.   Takiya said the dollar could rise if the Bundesbank cuts the German discount rate sooner than expected and sells marks for dollars in the market.

14.   Talk the Bank of Italy was poised to sell marks for lire today did little to dent such pessimism.

15.   The dollar fell against the yen because when investors sell marks for yen, they first sell marks for dollars and then sell the dollars to buy yen.

16.   The dollar fell against the yen because traders used the dollar as an intermediary currency to sell marks for yen.

17.   The dollar held up better against the mark as traders sold marks for yen.

18.   They sold marks for dollars first and then sold the dollars for yen.

19.   They would also boost the dollar by making German assets such as bank deposits less attractive to investors, who would then sell marks and buy dollars.

20.   To be sure, if the mark strengthens too much, European central banks may step in to sell marks to curb its strength, some traders said.