Katy Perry flaunts her California Gurls cleaavage

Underlying Themes
Yet more television opportunities for those on Capitol Hill as they quiz BP CEO Hayward for a massive seven hours. This after hauling in the bankers et al as they attempt to blame everyone other than themselves on the current mess. Unfortunately it is becoming all too apparent that forefront in many minds are November’s mid-term elections. Meanwhile their suggested solution to the haemorrhaging Government Sponsored Enterprises Sallie Mae and Freddie Mac is to de-list them from the stock exchange. Guaranteeing or owning half of all US mortgages, yet lawmakers are not even discussing what to do with these as part sweeping financial reforms.

What to watch for next week
Sunday the 20th Presidential election in Poland and the runoff of Colombia’s. Monday, the summer solstice, quiet with just Japanese April All Industry Activity Index, May Convenience Store, Tokyo and Nationwide Department Store Sales and UK June Rightmove House Prices. Tuesday April EZ16 Current Account, US House Price Index, May Existing Home Sales, German June IFO and Eurozone Consumer Confidence while UK Chancellor Osborne publishes his emergency budget. Wednesday Bank of England Minutes of its June 10th MPC meeting, BBA Mortgage Approvals, June PMI’s for various European countries, German July GfK Consumer Confidence, US May New Home Sales, the Fed’s FOMC and Norges Bank’s rates decisions (expected unchanged at 0.25% and 2.00%) and Iceland’s too (a cut of 50 or 100 bp from 8.5% expected). Thursday Japan May Corporate Services Prices and Trade Balance, US Durable Goods Orders and Eurozone April Industrial Production. Friday Japan May Nationwide and Tokyo June CPI, US final Q1 GDP and June University of Michigan Confidence Survey while in Huntsville, Ontario, Canada hosts a G8 summit with G20 meeting in Toronto though to Sunday the 27th.

Positioning and Technical Analysis

Things might limp along for another week or so but the ultra-long term trend to lower Treasury yields should continue even further, taking many top-rated borrowers to new records. Sub-investment grade institutions will suffer though as spreads widen, those of suspect quality being marked down well before the rating agencies take a look. Safe-haven Japan and Switzerland should gain, creating headaches for companies and the authorities there, and Gold should remain a popular choice. Eurozone money market likely to fret as one-year ECB loans expire to be replaced by fixed-rate three-month cash.

Cheryl Cole is the Sexxiest Woman in the Galaxy

Here’s internet’s favorite babe of the moment Cheryl Cole looking absolutely stunning in a sexy animal-print short dress as she parades her heavenly hotness guarded by security personnels. Cheryl has topped so many “hotness” lists that I find myself too puny to jot some more adjectives in her praise or to write some more sentences in her honor. I have no words, I just have a strong desire that all those magazines - and people responsible for crafting/drafting those “sexxiest woman” list - should come forward and unanimously declare her the “sexxiest woman in the galaxy”.

You left Credit Suisse at the end of 1998 and then arrive at Commerzbank, right?
Yes, in February 1999, having been out of the market for a couple of months. I was somewhat disappointed to have missed the start of trading for EUR/USD!


Tell us how you worked your way up to become head of FICC Technical analysis Research...
I started working for the Treasury department initially covering primarily FX and bullion, then after a few years I was merged into the investment bank. At that time I was the FX technical analyst and reported to the head of FX strategy, but the whole team worked with the FX division. While there, the demand for technical analysis grew and I was asked to increase coverage to include interest rate products and as consequence I gained another colleague to assist me. As I already covered bullion I was asked to cover commodities as well, hence I became head of FICC Technical Analysis Research.


What is the FICC Technical Analysis Research's job?
The group is responsible for forecasting and formulating technical trading strategy globally and covers foreign exchange, fixed Income, emerging markets and commodities.

What about Forex in particular do you find interesting, as opposed to commodities, FI and other instruments under your command?
Of all the markets I analyze - it is FX I enjoy the most. It is simply much harder to do - there is more data to analyze for starters as it trades 24 hours a day, the way it trades in the various time zones can give you early clues of market direction. It is also much more volatile - after all FX participants hold their positions for much shorter durations compared to say stocks or bonds. It is a market which the discipline of technical analysis is ideally suited. Technical analysts are able to use some fairly short term time frames - also most FX participants use charts extensively, so it is in this area where we have most interaction with sales and trading.

'Chart Tarts'? Where that nickname comes from?
A lot of people in the dealing room had nicknames and this was just an affectionate moniker. The team consisted of 3 ladies (which was unusual back then), Tart rhymed with Chart, that's it. I think we were christened the nickname by the FX spot desk.
None of us were offended by it. we all liked it! There was a lot more banter back then, political correctness has killed this, which in some ways is a shame. I remember it being more of a laugh.
If ever anybody said anything that I felt was out of line, I used to wait pull them to one side and quietly explain they had upset me. They were always truly horrified that they had done so and apologized profusely. Once you explained where the line was - no-one ever crossed it!