Position Update

Here are the trades I am active in:


USD/JPY
Long USD 3m short Yen at 103.10 average.

Current rate: 98.60
Current: loss

Comment:

Looking for a rally up through 100.00 one day! This has become a long, long, long term position.

Extra background:
First short USD3m freeze trade taken against JPY at average of 96.97 closed at 89.63, generating gain of USD245,676.67, NZD423,580.47 (not counting carry interest).

Second short USD3m freeze trade taken against JPY at 95.90 closed at 98.10, generating loss of USD67,278.29, NZD112,130.48 (not counting carry interest).

NZD/JPY
Long NZD 2m short JPY at average of 56.10.

Current rate 59.70
Current: Gain
Comment:

I am comfortable with carry trades with the NZD/JPY up nearly 27% this year! Will add more on a move to 56.50.

Extra background
Short NZD2m freeze trade taken against JPY at 53.50 closed at 54.02, generating loss of NZD19,252.13 (not counting carry interest).

Cashed out:
Long NZD3m (54.69) short JPY at 59.92, for a gain of NZD261,849.13 (not counting carry interest).



EUR/USD
Square
Current rate 1.3550

Comment:
Still can’t make my mind up on EUR/USD. I could see it go either way, so best to stay out of it.



GBP/USD

Long GBP1m short USD at 1.5050

Current rate 1.5180
Current: Gain

Comment:

I think that there is too much bad news priced into cable, so have started to build a position. First for me in cable since I started this blog.



AUD/USD

Long AUD1m short USD at 0.6850.

Current rate 0.7650
Current: Gain
Comment:

Happier now that CRB index has broken higher. Will add to position in the 0.7350 area.



NZD/USD
Square

Current rate: 0.6075

Comment:
Still waiting to see NZ budget and possible downgrade.


Previous balance: NZD1,508,334.34
Plus NZD/JPY gains of NZD261,849.13
Less USD/JPY (freeze trade) losses of NZD112,130.48
Less NZD/JPY (freeze trade) losses of NZD19,252.13
Total gains banked since August 2007:

NZD1,638,800.86