Seems like congress has reached some kind of agreement on the much talked about financial bailout. According to news, some details still must be worked out, but in principle deal is done. Both democrats and republicans claim some kind of victory. They have just saddled the country with a mountain of debt, which all of us will be repaying, well, forever. This whole ordeal is sickening, and I don’t see how any of these people, who talk about some kind of resolution to the problem, can look themselves in a mirror.
My personal feelings to this sordid affair not withstanding, markets will likely wait to see the final fine print on intervention. As they say, the devil is in the details. That is why most immediate indecision can be expected, before markets, mainly USD, will assume a direction. I think Dollar is going to get weaker for a while, at least until rates are raised.
This is only an opinion. I’m staying away from USD, until the market shows me which way it is going. As a rule I try not to guess how markets are going to react to this kind of announcements. For now, there will be no new orders for me, just the 2 which were profiled on Friday. EUR-AUD and NZD-CHF.
I’m not going to sit on my hands. I always trade few accounts with mechanical systems, which focus on single currencies, but as those are systematic, there is no decisions to make, same trades are placed every day. And, of course, once markets open, depending on volatility, I might get active in JPY crosses on very short time frames. But when it comes to money trades, or the kind of trades I discuss here, there is nothing new.

Mike K.