What a month it
was! We had the sub-prime mortgage meltdown,
and hedge funds sold just about
everything they had just to try and
raise cash. From what I
could see the biggest 'innocent'
casualty seemed to be carry trade
unwinding. At it's worst
NZD/USD had fallen 18 odd percent
from it's high the month before and
AUD/USD dropped 10% in just 4 days.
Several times I caught AUD/USD doing
2% an hour - not for the
feint-hearted!
As it happened I
finished up the month
+0.4%, although this was partially
due to the fact that I manually
remove part of my AUD/USD domestic
currency hedge for a short period
when things looked the most dire.
Had I not done so the 100% automated
result would have been in the region
of -1.5%. All-in-all, one has
to be happy with a result like that when
something
of this magnitude hits the markets.
I hope that those traders reading
lived to trade
another day.
Disclaimer:
This site is for educational purposes
only. Futurestech makes no warranties
express or implied regarding the content
or the performance of this site, nor
does Futurestech guarantee the accuracy
or timeliness of the information
appearing on these pages. Futurestech
shall not be liable for any losses or
damages incurred in connection with this
site.
