wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(December 12, 1997) CURRENCIES: BRITISH POUND–Still flat as prices bounced off the 56% retracement level this past week (162.50), and if they stay above that point, we should see buy signals soon. Conversely, a sharp break below 162.50 should give us sell signals with a drop anticipated then down to 156.50.
DEUTSCHEMARK–In what floor traders called a corrective and technical move, prices shot up hitting our stops yesterday. The sharp drop in U.S. equities was also blamed for the weakness in the dollar versus the mark. So far the move up appears just that, technical, as our indicators continue to point downward, albeit without a signal now.
JAPANESE YEN–So far, so good on our shorts as the yen remains under heavy pressure from weakness both in the Japanese and South Korean economies. The announcement by the Japanese government of a tax cut was scoffed at by FOREX traders as being inadequate to stimulate the Japanese economy. However, we are very oversold.
SWISS FRANC–The move up yesterday was most pronounced here, wiping out our stops which were not tightly-placed to begin with. Prices were also bullishly affected by the soft retail sales data released in the U.S. yesterday. With the U.S. stock market reeling of late. many foreign investors are seeking the safety of the franc versus the dollar.
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