Risk appetite rallied back in what seemed like a very dark hour in the financial markets. The growing positive sentiment was driven by a combination of more substantial EU / IMF rescue package, stronger corporate earnings, a FOMC in no hurry to tighten, and slight uptick in US jobless claims. The current thinking is that Greece will get a multi-year bailout worth roughly €120bn by early next week (although an unnamed Greek official claims it will be this weekend). European Commission President Jose Manuel Barroso said in Beijing that he is confident that an bailout package for Greece will be finalized very soon, meaning, in the next days. On growing optimism, the Athens Stock Exchange jumped 7% to 1829.29 yesterday. However, hard concessions are still under discussing, including rising the retirement age from 53 to 67 (as massive social adjustment) and higher VAT up to 25%, shedding of 13 % 14th month wages and lower pensions. While pressures on the EUR and EU debt markets have eased in response, it's very unclear if the positive sentiment will last. Greek labor unions have vowed to fight cuts in spending & entitlements, with heavy protest yesterday and more social disorder planned for next week. In addition, these austerity measures will directly cut into Greece and EU growth, potentially halting a fragile recovery. In the short term, we are steering clear of any long EUR position which would expose us over the weekend. That said, we are highly suspect of mid term EUR strength. Recent price action seems to point to extreme EUR positioning as the source of rallies, rather then actual shift fundamentals or expectations. In the aftermath of the bailout announcement we will be looking for opportunity to short the EUR. In the UK, polls taken immediately after last night's final televised debate pointed to Conservative leader David Cameron as the clear winner. With polling day on May 6th the less political uncertainly should be GBP positive (although the probability of a hung parliament has not decreased). On the economic data front the main focus will be on US GDP. Markets are expecting as strong figure at 3.3%, any upside surprise should be USDJPY positive.