Thursday, September 20, 2007

So I was Half Right....

So the Fed surprised me and cut the Fed Funds and Discount rate's 50bp. Stocks certainly liked this news rallying large over the next two day, but as I write this U.S dollar interest Rate futures have come under tremendous pressure. Stocks continue to hold in there, while the dollar is getting body slammed. It looks to me that EM should come under some pressure as the afternoon rolls on. I have cut all of my short dollar positions and am currently

Short Euro/Usd at 1.4084
Long Usd/Mxn at 10.9700

No large positions rather just trying to "catch a small falling knife".

Good Luck and Good Forex Trading.

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