Citigroup bucks trend with first quarter FX profit surge

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NEW YORK -- Citigroup last week reported a 21% rise in FX earnings for the first quarter of 2002 last week, but most other US banks fell foul of dwindling volatilities in the FX markets so far this year.

Some dealers described the Q1 as one of the dullest on record in the FX markets, with the major currencies moving in narrow ranges and lacking direction after last year’s raft of US and global interest rate cuts. Senior bankers had predicted that banks would struggle to repeat last year’s ear