Weekly Newsletter
Date: Friday, June 25th , 2010, for the Week 21-25 June, 2010
Released: 19:25 CET
Managed Accounts Weekly Performance
Difficult week, but we come out on TOP
It has been quite a roller-coaster week indeed. Technically speaking, we’ve had many ‘so-be’ break-outs that have led to nothing, many false attempts to start a trend, and continuos stop-hunting across the board, mainly in the JPY and CHF crosses. That has made the week complicated, but we’ve managed to make some pips out of it.
Weekly result (June 25th, 2010): +2.15%
Monthly Cumulated (June, 2010): +9.77%
Year-to-Date: +25.93%
Note: Above results are for 1:1 leveraged accounts, which meet the equity criteria. Lower amounts will see greater leverage being effectively used and greater fluctuations, and thus risk, will be seen in their accounts. Past performance is not indicative of future results. Any results published here are for informationa purposes only and neither have validity whatsoever nor act as an invitation to buy or sell any financial instrument.
Market View
The Euro struggles across the board but holds the key 1.2260 vs the USD
It’s been quite a week for the single currency, first breaking important USD levels and climbing to the 1.24 mark, then sliding towards the mid 1.22’s, finally bobbling around 1.23. The important things though, is that an important line has been broken, and even more important, it has not broken back, confirming the upward momentum for the pair. That coupled with the presumably stop-hunting in the recent lows in USD/JPY, and the quest for the 1.50 mark in Cable, may be good indicators enough that the USD has somewhat lost momentum. Economic data is definitely ignored when bad, and taken to the word when good, and this only happens when the mood of the ones with big hands is changing….
Market Technicals
Retail positioning is shifting and helping the USD to slide
The overwhelming ‘long’ position status by the retailers in both GBP and EUR vs the USD has shifted to ‘short’, helping us anticipate further gains in EUR/USD and GBP/USD, alongside a general USD decline, as the overwhelming majority of worldwide retail players are now loging the USD, helping contrarian-sentiment indicators to rise to levels not seen since March of this year.