Soviet Coup Rattles Foreign Exchange Market Politics In Spotlight, Dealers 'Trade Off CNN'

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The overthrow of Mikhail Gorbachev caught not only world leaders but foreign exchange traders in London on the hop when the news came through early Monday morning. Most were just getting out of bed at 5 a.m. London time when traders in Tokyo called senior foreign exchange officials at home about the coup and the consequent drop in the Deutsche mark against the dollar. "Most of the initial movement was before London opened," says Thomas Lockett, foreign exchange director at Midland Bank. Adds

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