Permit me if you will to talk about the Fixed income markets for a short while. With 10 year US Treasury futures again coming under pressure so far this week, a lot of people are talking about this weekly chart. A close below this uptrend that has been in place since H2 2007 would be very significant for the FX markets too. Significantly higher US yields will not go unnoticed by the Global investment community and will encourage Dollar buying for yield especially against the Yen. Also it is interesting to look at a 10 year spread chart between the US and the Bund. Since June of this year Bund yields have traded significantly below US yields for the first time since Q4 2007. With Eur/Usd rebounding significantly from the risk off lows, this should keep inflation at a much lower ebb in the Eurozone than in the US so I expect this inversion to continue and even widen out more.