Dollar Demise, Trade Updates...

Did Ben Just did the US a favor by cutting the rates by 0.5 points? The rate cut pretty much sealed the long term fundamental fate of the USD. It looks like we are likely to see an extended dollar devaluation.

So heres the plan, sell dollar rallies. I'm pretty convinced that we are likely to see a further prostitution of the Dollar.

Dollar Near Record Low Versus Euro Before Bernanke's Testimony

By Stanley White and David McIntyre
Sept. 20 (Bloomberg) --
The dollar traded within a half- cent of its record low versus the euro before
Federal Reserve Chairman Ben S. Bernanke's congressional testimony on the
mortgage market and economic growth.

Traders are betting the central
bank may reduce borrowing costs further this year as the worst housing slump in
16 years threatens economic growth. The first U.S. interest-rate cut since June
2003 on Sept. 18 has pushed the dollar to a 15-year low against an index of six
major currencies.

``We're going to see a continuation of U.S. dollar
weakness against the euro,'' said Greg Gibbs, a currency strategist at ABN Amro
Holding NV in Sydney. ``Bernanke will talk about the housing market and how that
could flow through to the rest of the economy. The possibility of more U.S. rate
cuts is completely open.''

The dollar traded at $1.3975 per euro at 9:18
a.m. in Tokyo from $1.3957 late in New York yesterday. It reached a record low
of $1.3988 on Sept. 18 after the Fed's rate decision and will finish the year
around $1.42 per euro, Gibbs forecast. The U.S. currency was at 115.97 yen from
116.10 yen yesterday.

The U.S. currency has lost 5.7 percent this year
versus the euro as traders bet the Fed would cut interest rates while the U.S.
economy slowed. The European Central Bank's benchmark interest rate is 4
percent...

Full Report, click here.

Anyway, an update for my trades,

I collected some points from playing some Geppie longs and Cable. Here's the latest pip count.

SEP
Realised Loss : -0pips
Realised gains: +514pips

YTD
Realised Loss : -295pips
Realised gains: +519pips