Portfolio Performance : 5.15%

Headline News

1. Treasury official says housing correction is currently "in progress"
2. Treasury official says that financial conditions would improve, but not in straight line
3. Think Tank says Ireland heading for recession for the 1st time in 25 years
4. A PBOC survey says that chinese firms expect the CNY to appreciate by 3% in 6 months
5. Germany's GFK sees consumer climate index at 3.9 points vs 4.7 in June
6. French household consumption higher by 2% from April
7. French June business climate indicator 102 vs 102 in May
8. Global inflation fears steepened as Chinese steelmakers agreed to record increase in annual ore prices, which would boost the cost of cars and other machinery products
9. BHP Billiton increases Western Australia iron ore reserve by 23 percent
10. Taiwan May export orders higher by 14.46 percent on year from 15.69% in April
11. UK Mortgage approvals slump to 27 968, the lowest in a decade, says BBA
12. Spain Jan-May budget surplus 2.722 billion Euros versus 14.36 billion Euros surplus 2007
13. Russia GDP higher by 7.7% year on year
14. Thailand and US to resume free trade talks
15. US April S&P Case Shiller Home price index falls 15.3% year on year
16. US Fed Manufacturing index -12 versus -3 in May

My epextation for the USD crosses

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

Bottomline : I expect volatility to continue, I expect the market to probably set the tone after the Fed meeting which ends tommorrow