2003: year of the euro?

We believe the euro will appreciate substantially against the dollar in 2003 for the following reasons:

• The US administration would, in our view, like to see an orderly depreciation of the dollar.

• According to our information, most international fund managers are not underweight the dollar against the euro and they are likely to buy euro in early January as euro/dollar has broken $1.02 resistance ($1=E1.05).

• There is evidence that east Asian central banks have started to buy large

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