Renewed appetite for risk following return of growth in the French and German private sectors.

[RTFX-Trading]

Renewed appetite for risk following return of growth in the French and German private sectors.
   
The private sector in France and Germany resume growth in August. In France, the flash composite index, which includes industry and services, reached 50.9 from 47.3 in July. It went over the 50 bar, which marks the border between expansion and contraction of activity, for the first time since May 2008. In Germany, the flash composite index of activity increased to 54.2 against 49.2 in July, also passing the 50 bar.
   
Investors are purchasing the Euro following these figures, which is up to 1.4299 against the US Dollar, 134.31 against the Japanese Yen and 0.8661 against the Pound. The "carry trades" rebound after being under pressure last night in Asia following the article on the WSJ.


Nicolas Longchamp
RTFX Ltd
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