Fund Performance per day (inception : 20 Oct 06) : -6.487%

Yesterday

Quiet session for FX yesterday

AUD - Q3 PPI came in at 1% which was higher than the market's expectation of 0.8%. The market will therefore be expecting a rate hike by the RBA in November.

JPY - MoF Vice Finance Minister Watanabe said that real effective exchange rate analysis that suggested the JPY was undervalued was misleading and he said that the size and impact of JPY carry trades was exaggerated in the market. The market suspects that the government influences will interfere with the BoJ's decision to raise rates.

USD - The dollar was firmer in most most crosses in yesterday's trade. President Bush on Monday trumpeted the strength of the economy, an important issue in about two dozen congressional races that will determine whether Republicans retain control of the House.

Later

1445h - EUR : French Consumer Spending

1700h - EUR : Industrial New Orders

1800h - GBP : CBI Industrial Trend Survey

2200h - USD : Richmond Manufacturing Index