That is the message I’m getting from the market at the moment and I must say it does make sense to me.

The fiscally conservative measures being taken by the UK Government is bullish for the GBP in the short-term at least, the CHF is the ultimate safe-haven play, the AUD is the Asian growth and interest rate play and the CAD gets dragged along by the commodity story.

The EUR is undermined by Sovereign credit worries, the USD by QE2 and the JPY by intervention worries and also by more looming QE.

I expect all of these factors to remain dominant for the next few weeks so we should have our cross-trading hats on.