Fund Performance per day (inception date : 4 Dec 06) : 0.97166%

25 Jan 07

JPY (Turning Bullish) - The increase in the trade surplus last month confirms that exports remain strong and therefore that US consumer spending is resilient, Daiwa Institute of Research Institute senior economist Junichi Makino said. 'The latest data clearly showed that US consumer demand for Japanese-made products such as automobiles remains strong, as the collapse of the housing market there has not so far weakened purchasing power.'The prolonged solidity of exports, led by shipments to the US, is likely to continue to support the Japanese economy at a time when domestic private consumption is sagging,' Makino said.

24 Jan 07

NZD - (Bullish) The Reserve Bank of New Zealand surprised markets through its interest rate announcement, leaving the Overnight Cash Rate at 7.25 percent but hinting that the next rate move would likely be a hike. As often occurs with fundamental data releases, markets posted a knee-jerk reaction to the headline number, only to reverse course when the full implications of the news became clear.

Later

1510h - EUR : German Consumer Confidence

1700h - EUR : German IFO (Jan)

1700h - EUR : Euro Current Account (Nov)

1900h - NZD : Purchasing Managers Index

2300h - USD : Exisiting Home Sales