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TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(October 3, 1997) CURRENCIES: POUND–Now signal to buy at the open this morning as trade has been somewhat flat and dull. Traders in the IMM currency pit said the Jewish Rosh Hashanan holiday, a holiday in Hong Kong and a holiday in Germany today are adding to the slow nature of the entire FOREX complex.
MARK–Still waiting for a new signal here, and it appears that it will come to the upside once the current correction is over. Bundesbank President Tietmeyer said the recent rise in German inflation to 2% was worrisome and must be monitored, which many are taking as a hit of a possible German interest rate hike.
YEN–Getting some good action out of our shorts here, but need a few more down days to really solidify some good profits. Trade friction is limiting the decline in the yen even while the fundamentals of a strong U.S. economy and weakness in Japan's economy continue to put pressure on prices as does ongoing political turmoil in Japan.
FRANC–Close, very close to a new buy signal, but like the German Mark, we need to see proof mathematically that the correction has run its course. Traders anticipating a hike in German rates are banking on a spillover effect for the franc even while uncertainties remain about the effect of the European Economic and Monetary union.
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