Portfolio Performance : +8.634%

Headline News

1. Singapore Prime Minister reduces GDP growth estimate to 4-5% from 4-6% and said that the country faced a tough year ahead as it was beginning to feel the impact of a US slowdown
2. Australian central bank said that the economy looked to be slowing enough to significantly reduce inflation over time, providing growing scope to east interest rates from 12 year highs
3. Short Term Aussie Bonds fall as the RBA gave little clues as to whether they would reduce interest rates in future
4. Malaysia says that slowing economic growth in Malaysia will reduce inflationary pressure
5. Malaysia's June annual factory output growth fell to a 10 month low as manufacturing and mining sectors cooled in tandem with slowing global demand
6. Azerbaijan halts oil exports from 2 Georgian ports
7. China trade surplus was 25.28 billion USD in July, higher from the 21.35 USD billion in June
8. German July wholesale price index higher by 1.4% from June, higher by 9.9% year on year
9. The world's leading developed economies are set to slow more sharply in the months ahead, according to the Organization for Economic Cooperation and Development indicators of future activity. The OECD said that its composite leading indicators fell to 96.8 from 97.4 in May and was down 5 points from June 2007
10. UK July input prices higher by 0.4% from June, higher by 10.2% year on year
11. India's gold imports in July declined 56% as high prices curbed consumption and investment demand from the world's largest bullion consumer

My expectation for the US dollar crosses

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

Bottomline : The US dollar is coming back strong. This should continue to support the equity market moving forward