Recap...

Hi,

it has been a busy week outside work with a birthday party for 75 persons yesterday... Lot's of fun.

Markets seems resilient at the moment with a very strong start to the year for risky assets... I continue to keep my call from the start of the year that European equities (Eurostoxx) will rise around 30% this year, atleast the direction is right so far... What will this mean for FX? Well, EM-currencies should continue to strengthen and also the high-yielders within G10. I also (as always) think that JPY and CHF will weaken...

It has been a strong start to the algo portfolio, where I was lucky to get long GBPJPY at 123 before it traded up... Last week was charactarized by changing position three times in both GBPJPY and AUDCAD before I finally got long both of them. I still awaits signal in USDJPY, USDSEK and EURUSD, where the USDJPY is really close to give a buysignal.

Algo status:

Long GBPJPY at 123.03 (stop at 121)
Long AUDCAD at 1.06884 (stop at 1.05683)

Discr. status:

Changed out from a long EURCHF with a small loss (15 pips) and into a long USDJPY since that confirmed a new top (break of 79.55), got long at 79.54 (stop at 77.80). Of course, I am risking to buy it at the very high, but I like this sort of trading - "buy high, sell higher"...So, I am now exposed to a weaker CHF and JPY...

Long USDJPY 79.55
Long CADCHF (stop moved to 0.911)

Have a nice week!