Weekly Forex Market Commentary
Amid another tidal wave of subprime mortgage disaster, growing panic in the White Houseand a more jittery Federal Reserve, the dollar and the carry trades didn?t do all that much. The cross that continued to perform was the short sterling/Swiss franc. Shorting sterling/dollar and euro/Swiss franc, and holding long euro/sterling weren?t bad ideas either, but the latter crosses are probably done at this point. So expect a decline in euro/sterling and a recovery in euro/Swiss. The carry trades should be choppy while the market is trying to gather some direction ? it won?t be easy.
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