Friday, March 02, 2007

Rato, still talking

The IMF's Rato continued making comments this morning.

Chinese stockmarket "not necessarilt" a bubble waiting to burst
U.S. Sub prime mortgage market merits careful monitoring
Slowdown in U.S. housing market "probably welcome"

I do not really think any of these comments matter in the short term. All eyes are focused on Stocks (relativly stable overnight). Any excuse.....and I mean ANY, to sell stocks will be taken and as such Emerging Market currencies will be under pressure. I am core (therefore tiny) short dollars against Latam EM. An interesting note on Asia. Last night Usd/Krw weakened from 942.5 to a current level of 947.0. This in spite of the rest of the region strengthening against the dollar. I am not sure what it means but something is probable out of wack. I will report back any findings later.

Good Luck and Good Forex trading.




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