s. NZD, CHF and SGD. This basket has a steady -80% correlation with both the narrow and broad USD trade- weighted indices over the last ten years. George Sal avelos, London, +44(20) 754 79178 Bile! Hafeoz. London. +44(20) 754 71498 Page 4 - 0.1 IEURIUSD Still Tracking Rate Differentials .... EUR/USD O