The USD continues to decline, as the world belatedly realises that global growth is falling faster than in the US, and that maybe the USD is not the worst currency in the world after all.
Here are the trades I am currently active in:
NZD/JPY
Square
NZD/USD
Square
EUR/USD
Long USD short 3m Euro at average of 1.5160
Current rate 1.4700: Gain
Comment:
Immediate target 1.4500, then 1.4000. Above 1.5000 requires rethink again.
USD/JPY
Long USD2m short JPY at 107.50
Current rate 110.50: Gain
Comment:
Target 111.00, but will be slow going, with Yen buyers slowing down the moves as carry trades are unwound.
AUD/USD
Square
NZD/AUD
New position taken on Monday, as blogged last week: Long NZD short AUD1m at 0.7937
Current rate 0.8155: Gain
Comment:
Target 0.8500, as the AUD/USD will be sold due to falling commodity prices, and the NZD/USD will fall slower and maybe stabilise and move higher due to food prices remaining strong. (people still have to eat!)
Total gains to date this year:
NZD369,000.00
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