With the markets back in action, were adapting to the notion that we wont see much correlation between the majors as we have in the past. The euro has set a lower low on the daily graph while the pound remained steady and the aussie rallied past .92 cents following an expected rate hike by the RBA. We think the market will continue to favor further dollar gains on a risk aversion basis for most of the majors (ex commodity currencies, which seem to be driven by fundamentals), but we continue to have a cautious outlook.

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