Fund Performance per day (inception date : 03 Oct 06) -1.4%

Friday's events

JPY - BoJ leaves monetary policy unchanged. The JPY appreciated upon the announcement.

USD - St Louis Fed William Poole says inflation risks have receded in last 8-10 weeks and danger to growth and jobs have grown. Says while he is still an inflation hawk, he would back an interest rate cut if the economy stumbled. Chicago Fed Michael Moskow, non voter, says more rate hike may still be need to cut inflation. Risks of high inflation risks are greater than the risks of too-low growth.

AUD - PM John Howard says RBA must consider a drought gripping the nation when deciding whether to increase interest rates.

EUR - Interesting talks of good European "officials" :semi-official" and ENCBs offers capping EUR/JPY on topside above 150.20-50, and "preventing" huge stoploss above from being triggered, as EU, ECB does not welcome further EUR/JPY rise to new highs. WIll be good to monitor ECB

USD - Job markets are tightening across the country, but that hasn't yet produced a notable acceleration in wages, the Federal Reserve's latest survey of economic conditions has found. The Fed's "beige book" found sharply slowing housing activity but no sign yet that consumer spending has broadly slowed. Falling energy prices have provided some relief while not yet leading to notably lower consumer prices, it said. "Economic activity continued to expand," according to the report, which is prepared a few weeks in advance of each policy meeting of the central bank. Four of the Fed's 12 districts reported that business activity "firmed," a couple said it "cooled" and others said growth was "moderate or mixed." The Fed's next meeting is scheduled for Oct. 24-25. It is widely expected to leave its short-term interest-rate target at 5.25% as it waits for inflation to moderate.

Later

1000 h - NZD - Non-Resident Bond Holdings, markets expect that the report will show that foreigners still hold the vast majority of private and national debt

1230h - JPY - Bankruptcies

1600h - EUR - Italian CPI

1800h - Trichet speaks on Europe's Economic Growth Potential