Good review of Central Bank interest rate levels.
dailyfx.com
There are only a few that seem to be alert to serious currency decline and currency defense: England, NZ, Australia. Note that the Aussie has a very large spec long position in it: net 28,480 long with an open interst of 43,934, which is why I took a 71.98 to 73.18 trading profit. Canada: there is a massive spec long position of 66,656 of 122,527 OI, and rates are only marginal above the indefensible US rate.
England looks interesting , with only 808 specs long of 65,459 OI. I have it as a buy candidate if it corrects after the MoP operations of the next two weeks: key dates: USA GDP Friday the 29th, could be a bogus 4% according to CI, a potential oil correction, Tues the 2-3rd, bogus USD rally on Bush reelection?, finally payrolls on 11/5, DST numbers look quite robust, as they really did last month. Personally I think payroll numbers are being underreported, although not sure what the motivation is: excuse to print money? |
