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800-634-3194(March 20, 2002) CURRENCIES: Worries that the Fed may soon begin a policy of tightening encouraged a further exodus out of the greenback. Traders see higher rates as weighing on the U.S. recovery. Chartwise, the dollar is still on the defensive, the Euro still looks to have upside. the British Pound is sloppy but suggesting higher prices, while the Canadian Dollar is a mess and the Japanese Yen suggests further downside. The high riding yen was knocked out of its saddle, as FOREX traders see the move to repatriation before the March 31 end of Japan's fiscal year as winding down. Put another way, what happens after the fiscal year end? Since Japan has yet to address an of its problems in a meaningful way, many traders see the yen as being in trouble. I'm one of them. Yen rallies appear to be a sale.
M. Steven Morgan www.commodityreview.com
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