This week the market saw a massive currency rally with almost all currencies chasing the dollar. It seems that there is no more dollar bulls, and Morgan Stanley sees a 10% drop in dollar weighted trade. The dollar index has declined by 0.5% during the past week, while this is not very much in real world terms it had a significant impact on the actions of traders and investors of the World Top Investor.
Asked for an opinion on the US dollar, Mariusz Ganczar lider of the World Top Investor, said he has no concrete view in the medium term, but he likes high market volatility, because it creates more opoortunities. Mariusz makes transactions based in short term market trends. As a professional investor Mr. Ganczar is also very much into the real estate sector so he keeps track of basic economic indicators, particularly those coming from the US.
Barclays Capital has revealed, according to the FT, that just 17.5% of 605 investors interviewd for its quarterly FX investor sentiment survey, think risky assets have further to rise.
Oil hit a fresh high for 2009 and Gold made the higher monthly close ever. Helder da Silva now second at world ranking close a gold position but remains long Portuguese stocks.
