Fund Performance per day (inception date : 4 Dec 06) : 1.37987%

Friday

OIL - (Bullish) The Organisation of the Petroleum Exporting Countries cut productions early next year despite a tightening world crude market. Opec ministers met in Abuja and agreed to cut output by 500,000 barrels a day from February 1. Analysts saw the move as highlighting Saudi Arabia's increasing assertiveness within the cartel, which comes as Riyadh is also stepping up its political activity in the Middle East, even at the risk of angering the US, its major western ally.

EUR - (Bullish) More than half a million people found jobs in the euro zone in the third quarter, and annual wage growth slowed to 2.2%, according to the European Union's statistics office Eurostat. The European Central Bank will closely monitor wage growth as higher consumer purchasing power can trigger inflation, which the bank wants to keep just below 2% annually. The ECB has said a risk to its inflation outlook, which predicts price growth slowing to 2% next year from 2.1% this year, was that wages could grow more than expected because of rising employment and fast economic growth.

Yesterday

USD - (Bulls losing strength) America's deficit in the broadest measure of trade shot up to an all-time high in the summer, reflecting the huge jump in the country's foreign oil bill.
The Commerce Department reported Monday that the current account trade deficit increased 3.9 percent to a record $225.6 billion in the July-September quarter. That represented 6.8 percent of the country's total economy, up from 6.6 percent of the gross domestic product in the spring quarter. The current account is the broadest measure of U.S. trade because it tracks not only the flow of goods and services across borders but also investment flows. The figure is closely watched by economists because it represents the amount of money the country must borrow from foreigners to make up the difference between what America imports and what it sells overseas. Economists expect that figure to climb even higher in coming years representing the growing size of U.S. assets now in the hands of foreigners, reflecting all of the trade deficits run up over the past three decades.

Later

1400h - JPY : BoJ announces rate decision. (Market expects rates to hold, Nikei index might see more strength)

1430h - JPY : BoJ speaks at conference

1500h - EUR : German Producer Prices

1700h - EUR : German IFO

2000h - CAD : CPI

Technicals

Long EUR/USD at 1.3240, Support might be seen at 1.3035