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(March 15, 2002) CURRENCIES: The June U.S. dollar index lost 14 points to close at 11766 but slightly better against the Euro which had "sprung to life" early in the week. The June Swiss Franc gave back 9 points from its earlier high of 6072 to close at 6039, still much better than the 5800 level seen in recent weeks. We still prefer the Swiss Franc against the dollar. Recent events in the Middle East have offset the usually positive effects of stronger U.S. economic data and have kept the dollar in a range suggesting that foreign investment in U.S. assets has subsided for the time being. We expect continued concern to impact the dollar but would limit trading to the Swiss Franc for the time being.

John L. Caiazzo
www.acuvest.com
E-mail: futures@acuvest.com

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