41.   Traders are therefore expecting the Bank of Italy to act to slow further lira appreciation by buying marks for the Italian currency.

42.   To accomplish that, traders often have to sell yen for dollars, then buy marks with the proceeds.

43.   Traders also bought marks and sold dollars on expectations that Germany will raise interest rates sooner and by a wider margin than the U.S.

44.   Traders also bought marks to pare back bets that Europe will move smoothly to a single currency.

45.   Traders bought marks for francs after the French newspaper Liberation said President Jacques Chirac will dissolve parliament by Thursday and call for new elections.

46.   Traders took the comment as a signal the bank may raise its securities repurchase, or repo, rate again soon, and bought marks.

47.   Traders have been selling lira and buying marks.

48.   Traders often buy marks with French francs when they see political instability in France.

49.   Traders, who had bought the mark on the expectations Germany will lift rates, stopped bidding up the mark.

50.   When investors buy marks for yen, they often sell yen for dollars and then sell dollars for marks.