Portfolio Performance : +8.59%

Headline News

1. Three Indian States finalised the sites for setting up ultra mega power plants.
2. South Korea's largest business lobby group warned on Tuesday that an interest rate hike was more likely to hurt the economy than help contain consumer inflation.
3. Philippine consumer prices climbed to a near 17 year high of 12.2% in July from a year earlier
4. New Vehicle Sales in Australia fell 6.3% in July
5. RBA keeps interest rates unchanged at 7.25%
6. RBA says door open for easing
7. Alan Greespan said that more banks and financial institutions could end up being bailed out by governments before the credit crisis is over.
8. Greenspan cautions that a heavy handed regulatory response to the crisis would do more harm than good because it would depress global stock prices.
9. Euro Zone July Service PMI 48.3, lowest since 2003
10. Euro Zone Composite PMI 47.8, lowest since Nov 2001
11. Consumer price Index in July in Taiwan rose 5.92% year on year from 4.97% in June
12. Bank of China rumored to be studying German Bank for stake
13. UK service sector shrinks for the third straight month in July
14. US July ISM non-manufacturing composite 49.5 verses 48.2 in June

My expectation for the USD crosses

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

Bottomline : US Dollar strength is still apparent in the market. The equity market might still trend higher.