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Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner & Smith Incorporated.

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Page 1: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner & SmithIncorporated.

Page 2: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 3: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 4: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 5: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 6: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 7: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 8: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 9: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 10: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 11: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 12: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 13: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 14: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 15: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 16: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 17: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 18: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 19: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 20: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 21: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 22: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 23: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 24: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 25: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 26: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 27: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

Page 28: Reprinted by permission. Copyright 1996, Merrill Lynch ...sites.fas.harvard.edu/.../Currency_Forecasting.pdf · Reprinted by permission. Copyright 1996, Merrill Lynch, Pierce, Fenner

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