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<DIV>DENVER, CO, USA - GALACTIC DAILY FX UPDATE - 10/9/98<BR>
<HR>
<BR>Overnight Ranges (low to high rates)<BR>AUD
0.6110-0.6240
DEM 1.6218-1.6430<BR>GBP
1.6988-1.7170
CAD 1.5367-1.5520<BR>ESP
137.15-139.48
ITL 1604.65-1626.00<BR>CHF
1.3055-1.3325
FRF 5.4375-5.5071<BR>JPY
115.32-119.45<BR><BR>Dollar sentiment remains negative this morning with hedge
fund losses being the main concern along with speculation that the US Fed may
cut rates prior to the November FOMC meeting. Bonds were hit hard
overnight in Europe and the 30-year long bond is currently off 1 ¾ points
yielding 5.12 percent. Poor liquidity today ahead of the market's early close
and long holiday weekend will keep the market choppy. <BR><BR>The dollar
opened lower in New York against the yen, but has since bounced back, as
Japanese officials dispelled intervention speculation. Bank of Japan's
Ministry of Finance Miyazawa stated that a stronger yen is not "against
national interest", but it is critical that the yen moves in a stable
manner over the long term. Japan's Economic Planning Agency (EPA) said
that the appreciation of the yen above 115.00 will hurt Japan's economy by
significantly slowing export growth. The Nikkei fell to its lowest level
since December 1985 because the dollar weakness means large companies such<BR>as
Sony or Canon, may cut earnings estimates originally calculated at 120 -130
yen.<BR><BR>In Europe, the sterling strengthened following the rally in the
SD/DEM.<BR>The latest turmoil has caused analysts to cut their growth forecasts
for the 11 countries joining the Euro next year. Original GDP growth was
expected to be 2.5 percent and has since been revised downward to 1.7 percent.
Italian Prime Minister Prodi resigned Friday after his government suffered a
loss by just one vote, the closest results in Italian history.
Expectations that the Bank of Italy might cut rates once Prodi was re-elected
were scratched and the lira dropped significantly, but quickly rebounded.
The pressure is now on the new government to put a budget in place in time for
1999. <BR><BR>Canada's larger-than-expected employment numbers were released
this morning giving some strength to the Canadian dollar, although it was
short-lived as the market is not sold on long-term strength
there.<BR><BR>Richard Chehovin</DIV>
<DIV>President Chief Currency Trader<BR></DIV></BODY></HTML>
</x-html>From ???@??? Fri Oct 09 10:32:11 1998
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Subject: Re: MKT - INDU
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In a message dated 98-10-09 10:45:53 EDT, you write:
<< Sorry, Ben, its 7200 intraday within seven trading days.
Bob >>
hi
your analysis is correct 7 bussness days from now but fri and monday should
be up
then down to 7200
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