FX: JPY soft all day after horrible data overnight. Exited short USDJPY at 113.50, entered Friday @ 114.80. Retaining long exposure to CHF and JPY along with Eurodollars and VIX calls (all doing well).
Main focus on the upcoming Fed meeting on September 18th. Everyone seeing a cut, most even 50 bp. Absolutely absurd, I believe. Had the Fed seen August's price action as so severe that a 50 bp cut would be needed, chances are they probably wouldn't have waited for the 18th to come around. Accordingly, I've bought USD today against CAD (@1.0550) and intend to increase my USD holdings go into next week.
Data on September 11th:
0130 Australia August NAB business confidence (12)
0130 Australia August NAB business conditions (20)
1230 US July trade balance (-US$ 58.1 billion)
1400 Eurozone European Central Bank President Trichet testifies
1500 Germany European Central Bank member Weber speaks
1500 Germany Federal Reserve Chairman Bernanke speaks
2200 Italy European Central Bank member Draghi speaks
2245 NZ August food prices (1.2% m/m)
2330 Australia Reserve Bank of
2350 Japan August domestic corporate goods price index (0.6% m/m)
2350 Japan August domestic corporate goods price index (2.1% y/y)
2350 Japan July current account (Â¥1.520 trillion)
(Source: GCI Financial)
Next up: Monday Night Football!