Portfolio Performance : + 13.98

Actions : The CAD trade helped the performance of the portfolio, the trade closed at the profit target of 31 PIPs

Headline News

1. Paulson is on a five day trip through Europe, working with European leaders and Russian leaders on how policy makers need to re think on how to deal with failed firms. (I have to admire this guy, he really has fire in his belly and is very persistant at getting deals done. Great spirit from an ex IB)
2. Morgan Stanley Places Lehman Brothers at Overweight
3. Bank of Korea says that GDP will grow by 4.6% in 2008
4. Bank of Korea says that CPI will rise by 4.8% in 2008
5. Manufacturing activity in Australia continued to slow in June as production and new orders felt the impact of higher interest rates and easing global conditions
6. Japan Tankan declined but better than expected
7. China Manufacturing PMI 52 vs 53.3
8. New Home Sales fall 5% in May
9. Singapore Q2 private residential prices higher by 0.4 percent from Q1
10. RBA leaves interest rate unchanged at 7.25%
11. Japan June new vehicle sales lower by 3.6% from a year earlier
12. Ducth PMI 51.1 vs 51.5 in May
13. German May retail sales higher by 1.3% from April
14. UK House prices lower by 0.9% in June from May
15. Indonesia June CPI higher by 2.46% from May, higher by 11.03% year on year
16. Indonesia May exports higher by 17.5% from April
17. German adjusted jobless lower by 38 000 from May
18. Euro Zone May unemployment 7.2% unchanged from April
19. US June ISM Manufacturing index rise to 50.2 vs 48.7 expected

My Expectations for the USD Crosses

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

Bottomline : I think the market is getting a bit tired of selling the USD, I expect the market to pause and volatility to decrease