wmeubank@ocp.kcmo.com
FIRST CHICAGO
THE FIRST NATIONAL BANK OF CHICAGO
One First National Plaza, Chicago, Illinois
(November 10, 1997) CURRENCIES: The DM is expected to remain in its recent 1.7 per dollar trading range in late 1997 and early 1998, as growth (and inflation) in the U.S. and Germany converges. Uncertainty with regards to the Euro, however, is a major risk to the longer-term forecast. Political uncertainties with regards to Japan are an even greater risk, Current fundamentals suggest that the yen should remain in its recent 120-per-dollar trading through mid-1998.
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