Fund Performance per day (inception date : 4 Dec 06) : 0.71589%

19 Jan 07

USD (Gaining Strength) - Federal Reserve Chairman Ben Bernanke warned that rising health-care and Social Security spending could create a "vicious cycle" of rising debt and interest payments and an eventual fiscal crisis. The Fed could keep or raise interest rates to encourage Americans to save up and keep inflationary pressures at bay.

JPY (Neutral) - Japan needs to see more economic strength to lend more weight for the BoJ to increase rates. Personal consumption remains sluggish: wages are stubbornly flat, discouraging spending. The household consumer index shows confidence last month hit its lowest ebb in two years. Stripping out energy, Japanese prices are still falling. Unfortunately, that is not the case championed by the hawkish Bank of Japan, which has been stressing its "forward-looking" credentials and a rosier outlook.

EUR (Bullish) - European Union Economic and Monetary Affairs Commissioner Joaquin Almunia said the risk to growth of a three percentage-point rise in German sales tax, instituted Jan. 1, "has been overestimated," He forecast Germany and France would continue to cut public deficits, contributing to a wider correction in euro-area budget imbalances.

22 Jan 07

1500h - EUR : German PPI

1615h - CHF : Producer and Import Prices