Portfolio Performance : +14.17%

Actions : I bought GBP at 1.9922

Headline News

1. Denmark in recession after first quarter contraction
2. China questions Australia on Investment Curbs
3. The Reserve bank of Australia index of commodity prices jumped 7.9 percent in June on a huge increase in coal and ore prices
4. Japan monetary base higher by 0.4% from a year earlier
5. China May consumer confidence rises to 94.3 vs 94 in April
6. Indonesia fuel subsidy expected to exceed $21.7 billion if oil averages $140 this year
7. Philippine Central Bank sees inflation peaking in Q3, softening in 09
8. Spain jobless rises by 37 000 vs 15 000 in May
9. Germany new machinery plant orders down 12 percent year on year
10. UK June construction PMI 38.8 vs 43.9 in May
11. Euro Zone May PPI higher by 1.2 percent, higher by 7.1% year on year
12. OECD says that unemployment starting to rise as growth slows
13. US Challenger June Layoff intentions 81 755 vs May 103 522
14. Singapore PMI reverted to growth with orders from the domestic market rising
15. US May Factory Orders higher by 0.6% - highest level on record

My expectations for the USD crosses

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

Bottomline : Market volatility has picked up, I expect the USD to depreciate and bought the GBP