Foreign Exchange Letter, a weekly FX newsletter owned by the New York-based publishing company, Institutional Investor, will close down with the May 5 issue after about three years in circulation, officials confirm. FXL's editor Tom Lamont confirms that all staff will be absorbed into other publications in the group and there will be no redundancies. Sources close to the publication say that although Institutional Investor, which is the finance publishing branch of Capital Cities/ABC Inc

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