Wednesday, 10 March 2010

Position changes

Got cold feet on my long EUR short USD trade and closed it out today at 1.3590 for a small gain.
But decided I hate the pound, and so sold GBP1m and bought USD at 1.4990.

Will update more tomorrow.


Anonymous said...

what do you think of the kiwi against the GBP ?

Kiwi Trader said...

I like it!

As I am long kiwi already and now short the pound, I am effectively long the NZD/GBP cross anyway!

I have a target of 0.5000 in the NZD/GBP. Basically the UK is stuffed, for a long time yet, but at least until after the election in June.

In NZ the RBNZ will eventually raise interest rates, and that will send the NZD/USD back to the 0.7500 area, maybe more.

All in all, it adds up to a higher NZD/GBP!

Manjot Singh said...

well had u just sticked to your original plan, i guess it would have been a great trade, normally the first instinct is the right one and what follows is noise and doubt,,, hope the rest works out for you will keep checking :)

Kiwi Trader said...

Early days yet!!!