Notheworthy is the fact that there is three Poles in the top three of WTI world ranking, with he best of them performing better than 130% in 3 weeks. Their strategy is based in speculative transactions in the forex market, that saw a whipsaw this week in dollar value. Leading position in the contest belongs after 3 weeks to Mr. Mariusz Ganczar a trader that bases his strategy in short term transactions made in the polish Forex market. A short term trader Mr. Ganczar opens and closes positions several times a day.
The week was good in the wake of positive news from banks. The market build up some optimism, but is this really a sign of recovery in financials? Retail sales in the US unexpectedly fell in March by 1.1% after a 0.3% gain in february, jobless claims fell to 610.000 below estimates of 660.000 but this is probably a seasonal adjustment problem due to late Easter. These are not strong signals of recovery but the week ended with a strong recovery of the dollar. This recovery of the dollar is very much the result of split factions in the ECB, according to participant Joao de Deus, one faction who does not want to see interest rates fall below 1% the other who want to see deeper cuts and quantitative easing if needed. This situation is preventing the euro to explode higher but at the same time helps the Eurozone recession.
China will issue more yuan bonds in Hong Kong and facilitate the borrowing of money to help HK during economic crisis. At the same time China GDP growth was reported as the lowest quarterly increase since 1992 at 6.1%. Australia participants keep a close eye on China news.
