1.   Also, some trade between European currencies occurs through the dollar, meaning traders sell other European currencies for dollars, then sell those dollars for deutsche marks.

2.   Also, some trades between European currencies are done through the dollar, meaning traders sell marks for dollars, then sell those dollars for other currencies.

3.   Although most of those trades can be done directly, traders sometimes sell other currencies for dollars, then use those dollars to buy marks or Swiss francs.

4.   And as the mark rises in value, the pressure on the dollar increases, because to buy marks traders must sell other currencies, including dollars.

5.   Analysts said it caused some curve flattening, as traders sold longer maturities and bought short-term issues.

6.   As futures rose, traders then sold futures and bought the underlying basket of stocks, a practice known as arbitrage.

7.   As futures rose, traders sold futures to buy the underlying basket of stocks, thereby pulling up the benchmark index.

8.   Bond prices fell as traders sold futures to hedge against the risk more money would flow overseas in search of higher returns, he said.

9.   Bond traders therefore sold bonds, which decline in value if inflation is thought to be rising.

10.   A portion of mark-yen trades are done through the dollar, meaning traders sell yen for dollars and then sell those dollars for marks.