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Currency Speculations
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June 11, 2008
Wed, Jun 11 2008, 13:02 GMT
by Mihai Nichisoiu
I wrote Wednesday May 28 that I'd just concentrated some of my funds in a brand new long AUD/JPY position. That was taken at slightly above the 100 level, and on the following day minutes before the Q1 US GDP announcement I added to the initial position at around 101 (yet the size of the new bet was far less than what I put on the day before).
The AUD/JPY, however, would begin to fall abruptly right after the US release - and I had to dump everything at about 100.50 for a modest profit. The pair rebounded in the afterwards, and stabilized under the 101 level into the weekend - but no clear directional path has since surfaced.
The day before yesterday I engaged in buying the Australian dollar against the US currency, did it at about Monday's high. As the day moved forward, however, I became concerned about the possibility that I might have acted on thin premises - and thus I dumped the position yesterday with little hesitation.
All my latest currency bets as well as recently acting as a buyer in the oil market - these were all short-term interests on my agenda. Although some profits did emerge, the period wasn't something I could feel overenthusiastic about.
Just as I rarely feel enthusiastic about dealing in tight timeframes unless I have a very clear view of the risks involved - an observation which is becoming all the more critical now as I need my funds leverage trades about far bigger market pictures.
Published on Wed, Jun 11 2008, 13:20 GMT
Archive
- September 15, 2008
Published On Mon, Sep 15 2008, 14:16 GMT - September 11, 2008
Published On Thu, Sep 11 2008, 09:18 GMT - September 8, 2008
Published On Mon, Sep 8 2008, 14:59 GMT - September 2, 2008
Published On Tue, Sep 2 2008, 11:46 GMT - August 28, 2008
Published On Thu, Aug 28 2008, 21:39 GMT
Mihai Nichisoiu
| Bucharest, Romania
http://www.mihainichisoiu.com | mihainichisoiu@gmail.com
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