Business: Easy Speculation

Psst... want to speculate against the dollar? It's easy — even if the amateur lacks the cash or savvy to deal in the big-time foreign-exchange markets. For $26.75 almost anybody can buy a traveler's check denominated in German marks or Japanese yen; $32.95 gets one denominated in Swiss francs. The buyer can hold it as long as he likes and then cash it in at the exchange rate prevailing that day.

Most issuers of traveler's checks, including American Express, Thomas Cook and big banks, sell checks denominated in foreign currencies — 15 to 20 of them in the...

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