The dollar continues to trade on the back foot, meanwhile, as markets slide into the end of the quarter. Word on the street is that take-up for recently launched investment trusts in Japan has been paltry, thus giving the yen a small boost this morning. Meanwhile, even erstwhile whipping-boy the Taiwan dollar has gotten into the act, with USD/TWD now trading at its lowest level since mid-January. If the greenback starts losing ground against the Zim dollar, however, then you'll know it's probably time to start covering.
Macro Man wonders what is more unpleasant: the chart of US new home sales, now down 40% + from its peak, or the frustration of housing market bears that their favourite issue has not resulted in lower stock prices, as measured by the indices, in the US? That the SPX is up this week despite a pretty unambiguously poor set of macro data (yesterday's jobless claims notwithstanding) is a testament to the importance of liquidity and globalization in driving asset prices.
Macro Man wonders if there won't be plenty more juice in the emerging theme of large caps (many of whom derive income from foreign operations) outperforming small caps (which tend to have a more domestic focus.) He intends to do some more thinking and investigation, and may establish a position next week.
For now, it's hold onto your hats (and hopefully, your P/L) time; only a few hours left to make (or keep) money this month and quarter. Good luck.