Portfolio Performance : +5.68%

Actions : Closed my short EUR/USD position, but might continue shorting EUR/USD as the pair heads higher later

Headline News

1. China's Wen says "sense of urgency" needed in managing inflation, growth
2. Major Chinese commercial banks had an average non-performing loan ratio of 6.1% at the end of June
3. Australia Q2 Producer Price Index higher 4.7% year on year vs 5.3% consensus
4. Japanese Prime Minister Yasuo Fukuda is likely to announce a cabinet reshuffle in a bid to reverse his dwindling public support
5. European Commission plans to tighten securitized loan rules
6. Hong Kong June CPI higher 6.1% year on year from 5.7% in May
7. US June leading Index -0.1% vs -0.2% in May

Expectation for the USD crosses

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

Bottomline : I expect the bull run in the short term to soften, as most of the Bears take the US dollar lower