Ferrell Capital Management's Ferrell FX Index fell 1.1 per cent during January with 40 of the 44 programs in the index reporting, officials say. Eighteen of the 40 programs reporting registered positive results for the month. January's median return was a negative 1.5 per cent, compared to a negative 1.6 per cent median return in December. "Unlike January, 1994 there is no market 'story line' in '95 that predicts the general trend in currencies," says William Ferrell, Ferrell Capital's

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