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<DIV>FX MARKET DAILY UPDATE</DIV>
<DIV><BR>EUROPE:<BR>Consolidation continues for the US Dollar against European
currencies amid reports that the European central banks have been buying
Dollar/Dem at 1.6250. News that the U.S. Judiciary Committee last
night voted to open the impeachment inquiry caused it to hit a 20-month low and
the Dlr/Swiss to hit a 21-month low. However, it is expected to edge
higher as Asian and especially European bourses have been rallying this
morning. The London<BR>FTSE is up about 3.6% while the German and
French bourses are up above 5.0% so far. The Bank of Spain cut its
key rates by 50 bps, more than market expectations. The rate cut had
little impact on Dem/Esp . In Germany, the Pan German
September unemployment fell a seasonally adjusted 41K month/month, a result of
job creation schemes. Its August manufacturing orders rose 0.5% M/M
against a revised 0.8% in July from a previously reported 1.0%.
Sterling/Dollar is buoyed still by its interest rates even though some
market analysts are expecting a rate cut as soon as this Thursday when the MPC
(Monetary Policy Committee) meets to decide its monetary stance.<BR>Average
earnings for May and June were revised higher to 5.2% and 5.0%
respectively up from 5.0% and 4.7% due to an overall package of revisions by the
Office of National Statistics.<BR><BR>ASIA:<BR>Talk of a new stimulus
package in Japan by the Ministry of Finance enabled Yen to gain against
the US Dollar. The Nikkei managed to close above the critical 13,000.00
level. The Indonesian rupiah is showing signs of gaining investor confidence as
it flirts with the 10,000.00 level. Its reform program begun in June
was based on achieving this target level by the fourth quarter of 1998 in
conjunction with the IMF's funding of a quarter billion dollars. Rumors of
currency controls, Malaysian-style are still rife in the markets. Its
inflation for September was 3.75%, the lowest monthly rate since January
and down from 6.30% in August. The September year-on-year rate came
in at 82.40% versus the IMF 1998 target of 80 % .<BR><BR>NORTH AMERICA:<BR>Both
the Canadian dollar and Mexican peso have seen good buying interest against the
US dollar due to the cautious surge in the Dow. Expectation that the
Fed would cut rates in November should cap the recent lows seen in these two
currencies, unless Japan cannot get its economic house in order in the next 6 to
9 months.<BR></DIV>
<DIV> </DIV>
<DIV>Richard Chehovin</DIV></BODY></HTML>
</x-html>From ???@??? Tue Oct 06 11:41:25 1998
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Resent-Date: Tue, 6 Oct 1998 11:24:00 -0700
From: "Jim Gavey" <jimgavey@xxxxxxxxxxxxx>
To: "RealTraders Mailing List" <realtraders@xxxxxxxxxxxxxx>,
"Omega Mailing List" <omega-list@xxxxxxxxxx>
Subject: Trading from the Merc S&P pit
Date: Tue, 6 Oct 1998 14:25:24 -0400
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I've been trading the big S&P front contract since late 1994 but have never
visited the Mercantile exchange where actual trading takes place. I use
TradeStation with a BMI satellite feed. Earlier this year I subscribed to
Listen Only Squawk. This is a streaming internet service that verbally
reports the current bid & ask directly from an order desk close to the pit.
They also offer comments on support and resistance and what the big houses
and locals are doing and their size.
I spent last Friday with the founder of Listen Only Squawk standing next to
him as he read the hand signals in the pit and relayed them through his
internet service to his subscribers. Great experience. I'm now listening
to him as I write this note. I really feel like I'm in the pit. It's hard
to describe the benefits of this service but I'll try:
Being there. As I said I feel like I'm actually in the pit.
An edge as to what is or is about to happen. The background noise level
clearly indicates good trading opportunities. When it rises significantly
it usually means the market is taking off.
Confirmation that my data feed is working properly and a backup in case it
goes down. The bid ask is a little earlier than my satellite price feed but
generally not by much.
Useful information about who's doing what, what the bid and ask size is and
how full the pit is.
A new feature in beta testing is the ability to ask questions real time
like in a chat program and if appropriate get an immediate response.
This group also executes trades for selected customers and has a hedge fund.
The Listen Only Squawk internet service is inexpensive and they have a free
trial. I highly recommend it. By the way their service includes the Dow
and bond pit futures also. You press a button to switch between the
markets.
Anyone interested in checking them out can visit their web site at
www.los.net and/or call or e-mail Joe Perrone at 312-930-1231 /
jperrone@xxxxxxx
I have no interest in Listen Only Squawk other than being a satisfied
customer.
Have a great day. Jim Gavey
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