- As mentioned in last weekend's benchmarks update, I think prevailing trends (weak USD) not over, but in for a period of consolidation.
- In which case, one should not get blindsided by some of the current Risk Off moves eg Gold -1%, AUD -1.8% etc today.
- Reduced QE2 risk to par with the EUR hedge recently (from as high as 4x). Have tonight taken advantage of the general risk off conditions to ramp up QE2 risk to 3x hedge. [+TYZ0 125-06.5; +AUD/USD 0.9687; +Gold 1322; Reduced EUR/USD hedge 1.3772]
- Technical view proxied by USDX chart here : weekly+daily still downtrend, possibly going into a triangle now. Immediately ahead, am looking to buy low, sell high (range mode) until the chart makes a new low = downtrend continuation.
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