Convergence time

In a sharp turnaround in the sentiment displayed through much of 2000, fund managers are starting to see the potential upside for the euro against both the dollar and yen in coming months.

Many are already positioning themselves accordingly. With the euro rebounding strongly from its low of $0.8228 set on 28 October, many are going with the old adage of "the trend is your friend".

Data released by the Chicago International Money Market Exchange (IMM) on 29 December showed the highest level of