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(March 22, 2002) CURRENCIES: The U.S. dollar gained against the Euro and the Yen on Friday with the June dollar index closing at 11851 up 59 points while the Swiss Franc settled at 6002 down 35 and the Yen down 47 at 7562. A flight from the Argentine peso to dollars and the impact of the weakening Argentine economy on its debt servicing to major international banks continued to permeate the currency markets. The Canadian dollar was the only strong feature based on the expectation the Bank of Canada would raise rates before the U.S. does led investors North. We Still feel the markets are too volatile and unpredictable with the only exception being the relative stability of the Swiss Government. Stay with the Swiss Francs.

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

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