Portfolio Performance : +4.09%

Headline News

1. Goldman Sachs analyst said that credit card losses would continue to deteriorate till 2009, banks with exposure to the securities are Citigroup, Bank of America and JP Morgan and Chase
2. Chinese officials said that price controls in market will continue
3. The Philippines recorded a net outflow of $158.1 million in foreign portfolio investments in May as investors fret over consumer prices and external factor effects on the economy
4. Japan's April Coincident index 101.7 unchanged from initial estimate
5. Japan May Department Sales down 2.7% year on year
6. Czech Retail Sales higher by 4.6% versus 5.6% expectations
7. Bank of England kept rates unchanged
8. Opposition lodge a vote of no confidence against Thai prime minister
9. According to Merrill Lynch, most fund managers are most underweight equities in a decade
10. The National Assciation of Realtors said that the credit crunch is beginning to cause significant damage to the commercial real estate business

My expectations for the FX crosses against USD

1. AUD : Neutral
2. GBP : Neutral
3. CAD : Positive
4. JPY : Neutral
5. CHF : Negative
6. EUR : Positive

Bottomline: I am still into my USD / CHF long trade, I continue to expect volatility in the market