Fund Performance per day (inception : 4 Dec 06) : -0.95259%

Friday

USD (Slight Bearish) - Federal Reserve officials may be beginning to share the bond market's pessimism about the outlook for economic growth, a summary of the Fed's Dec. 12 policy meeting shows. At that meeting, the Fed left its short-term interest-rate target at 5.25% and said afterward that inflation was its principal concern and that any decision on raising rates would depend on incoming data. The summary said that "several" of the Fed's 11 voting policy makers thought the "subdued tone" of some recent economic indicators "meant that the downside risks to economic growth in the near term had increased a little and become a bit more broadly based than previously thought."

EUR (bullish) - German unemployment last month recorded its biggest monthly drop since the country's reunification 17 years ago, underscoring the strength of the rebound under way in Europe's biggest economy. The data mean that German unemployment fell by 597,000 last year…This "extraordinary decrease in unemployment", as the agency described it, put the jobless rate at 9.8 per cent. The data follow upbeat business sentiment surveys at the end of December and will buttress the view shared by most economists that the strong German recovery will last well into 2007, in spite of a three-point rise in value-added tax this month. The Ifo business sentiment index surged to a 16-year high last month after notching up the fastest growth in 2006 since the start of the decade.

Monday

USD (Bullish) The home-building industry is about to stop hurting the U.S. economy and later this year may start to help it. The housing demand that is beginning to stir may be unleashing faster growth. Housing prices surged this decade in Australia and Britain, peaking earlier than in the United States. Falling prices and sales in those countries proved to be only a temporary drag on economic growth, followed by rapid recovery.

Later

1500h : EUR - Trade Balance

1900h : EUR - German Industrial Production