wmeubank@ocp.kcmo.com
COMMODITY INSIGHT
152 Ennis Lake Road, Ennis, Montana
(October 26, 1997) CURRENCIES: Due to the turmoil in world equity markets I am reluctant to be involved with any currency at this time. My bias is to buy the Canadian Dollar or the British Pound on a break. But such strategy has only been partially successful as the Canuck ended the week poorly while the Brit ended the week in pretty good shape.
The Brit ended this past week at its second highest close since July 31. But the Canadian Dollar dropped like a rock all week long and on a Friday, hit a new contract low. Such a poor close suggests even more weakness in the coming week can be expected.
Nevertheless, my work suggests that the Canuck and the Brit are headed higher. I will buy hard breaks in either currency. A close eye should be kept on the Canuck. I will buy any key reversal that surfaces this week.
Jerry F. Welch
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