Major Must Define Britain's Position at Coming EC Talks

Britain's new prime minister, John Major, will find himself walking a tightrope at a EC summit in Rome, at which there is every indication the European monetary and political union will be advanced over British objections.

Full text: Boston Globe, Dec 10, 1990

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Hunter believed checks were proper

Under questioning yesterday by Assistant U.S. Attorney S. Gay Hugo, [Nancy Hoover Hunter] agreed that she wrote J. David & Co. checks, including $10,000 for Hoover Farms, where Hunter kept racehorses, and $150,000 for a Del Mar restaurant in which she was an investor. Hugo also questioned Hunter about the many J. David checks she received. Hunter acknowledged that in 1981 she deposited $455,000 worth of J. David checks in her personal account. On many of the checks, Dominelli had written "consulting fees" or "earnings." Before Hunter joined Dominelli full time at J. David in April 1981, she served as his broker at a La Jolla brokerage house through which he conducted a currency-trading operation. Hunter said she was not aware that many of Dominelli's trading accounts through the brokerage were not profitable.

Full text: The Tribune, Oct 28, 1989

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Currency Trends: Tracking Europe's 'Small' Currencies

Forex trading is dominated by the Big Eight, which includes the US dollar, the Deutschemark, the pound sterling, the yen, the French franc, the Swiss franc, the Canadian dollar, and the Italian lira. As of the latest available survey, the 7 non-US-dollar currencies accounted for 90% of New York turnover. There is a definite DM bloc, consisting of some currencies outside the European Monetary System, and these units move rather closely with the DM on a day-to-day basis. However, the smaller European currencies have decided lives of their own. These individual currencies often show different short-run tendencies vis-a-vis the DM and their long-range changes against the DM can be substantial. At present, the key issue for the smaller European currencies is the precipitous drop of the DM relative to the US dollar.

Full text: Financial Times of London World Business Weekly, Mar 2, 1981

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Forex Forecasting: Profit Is Hard to Measure

The methods of foreign exchange rate forecasters differ so much that simple comparisons are not meaningful. Euromoney's 10th annual survey tried to overcome the limitations of a standardized evaluation by inviting forecasters to: 1. submit their own calculations of the 4 statistics making up the body of the survey, and 2. submit any other statistics and/or considerations believed relevant for the user of the firm's forecasts. For the 1987 survey, participants were asked to provide results that: 1. showed their own calendar 1986 performance, 2. were a historical track record, 3. showed the performance obtained by following their recommendations, and 4. reflected unleveraged performance on an underlying asset or liability whose value would not change with hedging performance. All respondents commented that some assessment of the risk associated with achieving a particular level of profitability is necessary. It also was suggested that, once a forecaster has shown an ability to outperform the market, forecaster choice should be based on compatibility with the user's style. The usefulness of a forecast depends upon the client's ability to use the service.

Full text: Euromoney, Aug 1987

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Dollar Finishes Mixed in a Thin Market; Traders Say Greenback Still Has Support

The dollar ended mixed Dec 26, 1990 in a calm, holiday-thinned market that showed only a mild interest in position-squaring.

Full text: Wall Street Journal, Dec 27, 1990

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