Fund Performance per day (inception date, 20 Oct 06) : -2.0248%

Today

USD - The Greenback was under pressure, weighed down after the White House cut growth forecast this year to 3.1% from 3.6%, and for 2007 from 3.3% to 2.9%. White House representative Edward Lazear said that the cut in growth forecast is primarily a reflection of housing market. White House also cut its inflation forecast to 2.3% from 3.0% for 2006, though for 2007, it seens CPI higher at 2.6% from earlier forecast of 2.4%. The rise in Oil prices was also seen as a dollar negative.

JPY - Lots of attention this morning and through the afternoon. Rumors was that the MoF is asking the Japanese exporters to buy JPY. Lots of USD Selling from US Investment houses caused the USD/JPY cross to drop. Further drops seen on comments from Euro's Juncker that the "fall of the Yen was too rough". The Japanese Government downgraded its economic assessment of the economy slightly, stating that the private consumption had been low but she was still confident that the corporate profits will spill over to the housing sector and drive the economy. Bullish sentiment rising on the JPY...

EUR - The euro was well supported on news that consumer spending in France got off to a good start in the fourth quarter. The figures served to offset the effects of weak GDP growth in the third quarter in data out yesterday. It can be seen that the Euro will end the year strongly with German VAT-induced consumption. Monetary policy now points to an additional rate hike in the first quarter of 2007 and will continue to provide support for the euro

GBP - The pound weakened slightly after minutess showed that a split vote in favour of a rate hike earlier this month. 'Following a dovish inflation report, the minutes voting composition will further scale back expectations for higher rates ahead. Hereafter, the trajectory of the repo rate will hinge on the outcome of pay settlements from January onwards,' said Zaki Kada at Thomson Ifr Markets.

CAD / NZD/ AUD - Increase in commodity prices gave support to the Australian and Kiwi dollars. The Canadian dollar too was well bid, as the buoyancy of the commodity market helped offset the impact of weak Canadian retail sales data.

Later

1900h - CAD : CPI

2030h - USD : Initial Jobless Claims

1400h - EUR : German GDP