Fund Performance per day (inception date, 20 Oct 06) : -1.83510%

Friday -

EUR - The break of the 1.2980 dollar cross sent the EUR to a 19 month high of 1.3194. The surge in the Euro came from comments from Deputy Governor Wu of PBoC, which mentioned that the Esat Asian Foreign reserves are at risk from the depreciation of the greenback. This had prompted investors to look to keeping alternative currencies such as the Euro. Lots of Bullish sentiment on the Euro, with some banks targeting highs of past 1.33 to 1.34. On the fundamentals, Euro confidence data from the Euro Zone shows that French growth is lagging behind other Euro zone countries.

GBP - GDP figures came in according to expectations. Some economists expect BoE to keep rates at 5% unless there is a rise in wages in the the future, which will compel the central bank to raise interest rates to 5.25%. The GBP also benefited from the dollar selling on friday, pushing it to an all time high.

NZD - The trade balance in New Zealand came out at disappointing -1.167B which was twice as large as expected. Look for a more downside to come with Finance Minster Mullen of New Zealand to set the pace on Tuesday afternoon at 1500h (Singapore time). The last few speeches he has talked the kiwi significantly lower suggesting that he would like to see NZDUSD trading in the 0.4000 area

Today

JPY - Abe seeks to reduce the number of JGBs YoY, the Japanese government expects tax revenues to increase with the next year and it plans to go ahead with fiscal reconstruction by reducing the number of JGB issuances. Output of Japanes cars increased YoY by as much as 15%.

USD - No US releases today but the market will be looking to the slew of US releases starting tomorrow. FX trading started the week with further weakness in the USD, causing the Euro and Cable to surge even higher. No reasons for the surge but some are saying that stop losses had been triggered, prompting the EUR/USD to reach 1.3180 levels.

Later

1600h - JPY : Fukui speaks at Osaka

1630h - GBP : Mortgage lending figures

1900h - NZD : Business confidence

0650h - JPY : Retail Figures.