Friedrich Sturm Report - 24.08.07
What happened this week: The last two weeks have felt like a summer party that came to an end this week. The US$ turned around and lost a fair part of its gains from the previous week and the question asked a week ago of whether the strong performance and interest could spill into this week can be answered with a clear ‘no’. It was not too surprising after the performance of the previous weeks and we have to admit that we prefer it this way. In our opinion another strong sales week would have created too high expectations for the market at too early a stage and a number of sellers had missed the high in August has already got too excited again.