The "carry trades” are lower following the drop in housing starts by 1.00% in July.

[RTFX-Trading]

The "carry trades” are lower following the drop in housing starts by 1.00% in July.

New housing starts fell by 1.00% in July to 581'000, while expectations were for 600,000. Compared to July 2008, housing starts are down by 37.70%. Most worrying is the fact that new site for "multifamily” housing fell by 13.30% in July.

The "carry trades" restored some of the gains achieved this morning, while the US dollar rose to 1.4081 against the Euro, 1.0794 against the Swiss franc and 1.6455 against the Pound.



Nicolas Longchamp
RTFX Ltd
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