Current risk environment remains in corrective move, whereby equities and FX remain predominantly in a risk aversion mode. Thus, short term longs in AUD and EUR vs JPY remain favoured. Keep watching the interaction between oil and stocks as both struggle to regain positive territory. Since sterling weakness remains amid the weakest of currencies, consider shorts GBPAUD and GBPNZD as traders remain reluctant to build long term GBP positions ahead of Thursdays BoE announcement. Watch Ashraf on Bloomberg TV at 10:10 EST (14:10 GMT, 15:10 BST) discussing the G8 and Chinas demands for a new reserve currency.