Fund Performance per day (inception date: 4 Dec 06) : 1.09553%

Today

EUR - (Bullish) There has been an explosion of construction activity." The industry's emergence from a decade-long recession propelled Europe's largest economy to its fastest expansion in five years in the second quarter. Even as property booms are at or near their end in the United States and Britain, Germany is gaining momentum, promising a spur to growth for the foreseeable future. The economy's 0.9 percent second- quarter growth was driven by a 4.6 percent jump in construction activity, the biggest increase in a decade, the Federal Statistics Office said last week. Despite the gains, builders are warning against any hype. "I wouldn't talk about a construction boom yet," said Peter Keitel, chief executive of Hochtief, which is based in Essen and is the largest German builder. "But after 10 years of decline, the market is improving. If this continues, construction can reclaim its traditional role as the motor of the German economy." Hochtief is a commercial lead manager on the Frankfurt 'Hochvier' project, which will cost $1 billion. In further good news for the industry, economic growth is forecast to exceed 2 percent this year, the most since 2000 and up from 1 percent in 2005, Axel Weber, the Bundesbank president, said in a newspaper interview published last week

USD - (Neutral) Improvement in consumer sentiment, signs that manufacturing activity is picking up and more evidence that a slowdown in the housing sector is coming to an end, is providing support for the dollar as traders bet that the Federal Reserve Board will not be in a hurry to cut US interest rates next year.

AUD / NZD (Bullish) - The outlook for the Australian dollar into 2007 looks solid as global economic growth is likely to remain above historical levels which will benefit heavily commodity weighted economies such as Australia due to continued high levels of demand for raw materials.
NZD is garnering support from expectations of a further rate hike next month to rein in household expenditure even though the central bank's official cash rate at 7.25 pct is the highest in the industrialized world.

Later

2300h : USD : Help wanted index