Portfolio Performance : +7.09%

Headline News

1. Approximately $17.7 billion in primary credit was outstanding as of Wednesday.
2. Net portfolio holdings of Maiden Lane LLC, the company formed to facilitate JP Morgan Chose acquisition of Bear Stearns totaled $29.1 billion, higher from $29 billion in the previous Wednesday
3. South Korea expanded 0.8% in the June quarter, the same pace as March and as expected by the market
4. Japan core CPI higher by 1.9% year on year, overall CPI higher by 2%
5. Singapore june factory output higher by 2.5% year on year, less than estimates
6. German import prices higher by 1.5% from May, higher by 8.9% year on year
7. Euro Zone June M3 higher by 9.9% year on year from 10.1% in March-May
8. Taiwan M2 money supply higher by 1.7% year on year
9. According to China, it is facing increasing challenges in maintaining fast and stable economic growth amid growing international uncertainties and domestic economic difficulties
10. US Durable goods orders rose unexpectedly in June as autos posted their largest monthly gain in almost a year
11. US late Michigan consumer sentiment rises to 61.2 vs 56.4 expected
12. New home sales fell to 0.6% to a seasonally adjusted annual rate of 530 000 units, the lowest level since March.


My expectation for the USD crosses

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

Bottomline : Another quiet day for the market, I expect the market to trade the US dollar sideways.