Hi,
markets are very range-bounds for the moment - which can be quite frustrating with my kind of trading... It is really a relative war out there, with all major countries trying to downplay the value of its currency (Japanese BoJ-member constantly trying weaken the yen by verbal intervention)... And, EurUsd continues to hold the stance despite all bad news out from Europe... Spain falling off a cliff, and even semi-core countries like France and the Netherlands widening in an unhealthy matter. Quite some worrisome developments, but no effect on the Euro... That is why I today decided to close my short EurUsd (sold at 1.3270, closed at 1.3132) since I believe that the capital flows from European countries coming from outside the Eurozone (due to closing down non-core branches etc and taking the money back to the Eurozone) will continue as the deleveraring cycle still has a far way to go. Macro has only a minor impact at the moment. But, I have a sell-order in place if we break below 1.2970 since I believe we will have significant stop-moves from dealers and corporates seeing 1.30 as a big support. Else, Bank of Canada was quite hawkish this week and thus yields have moved up => I have gone long CADJPY...
Current positons:
Discrentionary:
Long AUDNZD*2
Long CADJPY (81.94, stop at 80.45 target 84.2)
Algo
Short EURUSD
Long GBPJPY
Short USDJPY
Short USDSEK
Short AUDCAD
Still no change of signals in AUDNZD and EURCAD
Have a nice time the rest of the week!
Ps. The portfolio value stands at USD 4425 despite the choppy environment Ds.
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