Fund Performance per day (inception date: 20 Oct 06) : - 0.0984%

Today

USD - Bernanke's remarks in the early morning surprised most traders with hawkish comments on the US economy, saying that the economy is on track on her expansion through 2007, weathering the slowdown laargely confined to the housing sector. Yet, the dollar was still perceived as overvalued against most crosses and we have not seen much dramatic trades in any particular direction against the dollar. Just a while ago, better than expected GDP figures failed to push the greenback any higher, which was probably offset by the lower housing sales numbers.

JPY - The Yen gained on stronger than expected Industrial output, which caught the market offguard. The step up was mainly due to higher output from the makers of semiconductor- and flat panel-processing equipment as well as car manufacturers The 1.2% rise beat the market's consensus forecast for a month-on-month fall of 0.4 pct. The ministry of Trade and Industry predicts that output will jump by 2.7 pct in November from October and increase by a further 0.1 pct in December from November. Nonetheless, despite a rebound in production and shipments, the inventory index rose 0.8 pct from the previous month to 95.7 in October, an all-time high, with the inventory index for the electronic devices sector edging up 0.1 pct to a record 162.9.

GBP - (From AFX) UK mortgage lending and approvals jumped to their highest levels in three years during October, suggesting that the housing market continues to grow apace despite higher interest rates, figures from the Bank of England showed. Further evidence of housing market strength will be a worry for UK rate-setters and raises the chances of interest rates rising further early next year. Earlier this month, the Bank of England raised interest rates to 5.00 pct, their highest level in over five years, to follow up the quarter point rise in August, but as yet there has been little evidence to show that the housing market has started to cool as a result. House Prices can be expected to rise given the highest mortgage approval levels

Later (Lots of data coming up)
0300h - USD : Fed's Beige Book (More hawkish comments expected)

0700h - EUR : French Unemplyment Rate (Might be worse than expected)

0730h - AUD : Retail Sales / Other numbers (might push the AUD to new highs)

1300h - JPY : Housing Starts / construction orders 1445h - CHF : CPI

1500h - GBP : Nationwide House Prices

1545h - EUR : French Consumer Confidence / Producer Prices

1655h - EUR : German Unemplyment Change

1800h - EUR : Eurozone GDP / Eurozone Consumer Confidence

2130h - CAD : GDP

2130h - USD : Personal Income / Initial Jobless Claims

2230h - USD : Housing Price Index