Financial markets are trying to consolidate in the aftermath of Monday mayhem which initially crushed risk appetite before cooler heads prevailed. Whether or not these cooler heads can keep things going remains to be seen with so much uncertainty still up in the air around the state of tariffs and trade wars.

President Trump’s rumored 90-day tariff pause on all but China was quickly denied, leading US stock indices to slide before closing higher, halting a three-day drop, though uncertainty lingers as over 50 countries await trade talks. President Trump remains defiant, pushing for a trade reset with threats of 104% tariffs on China by Thursday.

Choose pair:

The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips towards parity, with a higher platform sought out ahead of the next major upside extension. Look for a push back towards the 2023 high at 1.1276 in the days ahead. Only a monthly close below 1.0000 negates.

The Euro has edged up against the US Dollar on a cautious market response to renewed US Dollar strength and as traders weigh the potential for retaliatory moves from Europe against US trade policies. At the same time, the rally has been tempered on expectations of a dovish ECB stance amid tariff-related uncertainties. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

Watch now

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2018 high at 1.4377. Setbacks should be well supported above 1.2000 on a monthly close basis.

The Pound came under quite a bit of pressure on Monday on the back of uncertainty around the fallout from China’s retaliatory tariffs. Markets have now priced an additional 30 basis points of cuts from the BoE in the first week of April alone, while eyeing an additional 80 basis points of rate cuts by year end. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

There are signs of a meaningful top in place after the market put in a multi-year high in 2024. At this point, the door is now open for a deeper setback towards the 140 area.

According to Treasury Secretary Bessent, Japan PM Ishiba arranged a highly productive call with President Trump, reportedly securing Japan a top spot among countries awaiting negotiations with the United States. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

There are signs of the potential formation of a longer-term base with the market trading down into a meaningful longer-term support zone. Only a monthly close below 0.5500 would give reason for rethink. A monthly close back above 0.7000 will take the big picture pressure off the downside and strengthen case for a bottom.

The Australian Dollar has been getting some welcome relief early Tuesday as the market tries to look for the worst to the out of the way with respect to fallout from US tariffs. However, there is still plenty of uncertainty out there and a rate cut from the RBA in May followed by 3 more cuts thereafter is looking increasingly likely. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

A sustained hold above 1.3000 over the past several months signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in at the 1.5000 psychological barrier. Setbacks should be very well supported ahead of 1.4000.

The Canadian Dollar has managed to steady itself a bit on the back of a rebound in oil prices and comments from PM Carney that the US is driving itself into recession. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

Overall pressure remains on the downside with the market continuing to stall out on runs up into the 0.6500 area. At the same time, there are some signs of the market wanting to put in a longer-term base. Ultimately, a break back above 0.6500 would be required to take the medium-term pressure off the downside and encourage this prospect. A monthly close below 0.5469 will intensify bearish price action.

The New Zealand Dollar has managed to find some bids on Tuesday thus far, with the currency following along with a period of relief in risk assets. Still overall, there continues to be plenty of uncertainty around the state of global trade, which could the Kiwi rate well offered into rallies. Key standouts on Tuesday’s calendar come from ECB speak, Canada Ivey PMIs, and some Fed speak.

The market has come back down to test a major previous resistance turned support in the form of the 2022 high. Look for additional setbacks to be limited from here in favor of the formation of the next major higher low and a bullish continuation.

Going forward, it will be important to keep an eye on Trump trade policies, inflation, bigger picture economic data and the Fed policy outlook. Any of these variables are capable of triggering a massive turnaround in the outlook for the stock market.

The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension towards 3500. Setbacks should now be well supported above 2800 on a monthly close basis.

The yellow metal has pushed record highs in recent months with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported over the coming months.

The Dollar has come under some more pressure as the week gets going on the back of recession fears following the US administration’s reaffirmation of its contentious tariff policy. President Trump has dismissed market concerns, labeling the tariffs as a necessary medicine.

Global financial markets have been rocked by heightened volatility following President Trump’s unexpected announcement of steep global tariffs, sparking fears of a US recession and driving a sharp decline in Treasury yields and the US dollar.

Choose pair:

The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips towards parity, with a higher platform sought out ahead of the next major upside extension. Look for a push back towards the 2023 high at 1.1276 in the days ahead. Only a monthly close below 1.0000 negates.

The Euro has been influenced by a sharp decline in the US dollar, driven by falling Treasury yields amid fears of a US recession triggered by President Trump’s global tariff announcements. Additionally, the Euro has gained strength as markets react to China’s retaliatory tariffs on US imports and export restrictions on precious metals, boosting demand for the single currency despite a broader risk-off sentiment. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

Watch now

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2018 high at 1.4377. Setbacks should be well supported above 1.2000 on a monthly close basis.

The Pound has been bolstered by a weaker US dollar, as falling Treasury yields reflect growing recession fears in the US amid President Trump’s aggressive tariff policies. Despite disappointing UK economic data, the pound has remained resilient, supported by a lower 10% tariff rate on UK goods compared to higher tariffs elsewhere. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

There are signs of a meaningful top in place after the market put in a multi-year high in 2024. At this point, the door is now open for a deeper setback towards the 140 area.

The Yen has experienced volatility, initially strengthening on the open due to heightened safe-haven demand amid escalating global trade tensions sparked by U.S. tariff announcements. However, we’ve since seen the Yen back under pressure as the U.S. dollar tries to regain some ground. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

There are signs of the potential formation of a longer-term base with the market trading down into a meaningful longer-term support zone. Only a monthly close below 0.5500 would give reason for rethink. A monthly close back above 0.7000 will take the big picture pressure off the downside and strengthen case for a bottom.

The Australian Dollar has faced downward pressure to its lowest level since 2020 due to a risk-off sentiment triggered by President Trump’s global tariff threats, compounded by China’s retaliatory export restrictions on precious metals critical to Australia’s economy. Despite a weakening US dollar from falling Treasury yields, the Aussie has struggled to gain traction, with markets pricing in potential economic fallout from disrupted trade flows and weaker commodity demand. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

A sustained hold above 1.3000 over the past several months signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in at the 1.5000 psychological barrier. Setbacks should be very well supported ahead of 1.4000.

The Canadian Dollar remains under pressure as oil prices sink to their lowest level since April 2021 amidst intense fallout in global financial markets as trade wars ramp up and US recession fears come to the fore. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

Overall pressure remains on the downside with the market continuing to stall out on runs up into the 0.6500 area. At the same time, there are some signs of the market wanting to put in a longer-term base. Ultimately, a break back above 0.6500 would be required to take the medium-term pressure off the downside and encourage this prospect. A monthly close below 0.5469 will intensify bearish price action.

The New Zealand Dollar has been under pressure, declining sharply due to a risk-off sentiment triggered by escalating global trade tensions following the US imposition of unexpectedly high tariffs last week. The Kiwi rate has also faced headwinds from China’s retaliatory measures, including a 34% tariff on US imports and export restrictions on precious metals, further weakening the Kiwi as a China-proxy currency amid expectations of a Reserve Bank of New Zealand rate cut to 3.50%. Key standouts on Monday’s calendar come from German trade, German industrial production, Eurozone retail sales, ECB speak, the Bank of Canada business outlook, and some Fed speak.

The market has come back down to test a major previous resistance turned support in the form of the 2022 high. Look for additional setbacks to be limited from here in favor of the formation of the next major higher low and a bullish continuation.

Going forward, it will be important to keep an eye on Trump trade policies, inflation, bigger picture economic data and the Fed policy outlook. Any of these variables are capable of triggering a massive turnaround in the outlook for the stock market.

The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension towards 3500. Setbacks should now be well supported above 2800 on a monthly close basis.

The yellow metal has pushed record highs in recent months with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported over the coming months.

It’s being viewed as a watershed historic moment for global trade. The US Liberation Day tariffs have certainly shaken up financial markets in the immediate aftermath. Investors have lost confidence in the US Dollar, which has come under pressure across the board, particularly against the other major currencies which are being seen as attractive alternatives.

Choose pair:

The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips towards parity, with a higher platform sought out ahead of the next major upside extension. Look for a push back towards the 2023 high at 1.1276 in the days ahead. Only a monthly close below 1.0000 negates.

The Euro has just rocketed higher in the aftermath of the more aggressive tariffs out of the US. Market participants are maneuvering towards the Euro amidst US exceptionalism policies. The EU is preparing emergency aid for sectors hit by Trump’s tariffs, including short-term support, competitiveness reforms, and single market improvements. It has already launched $26 billion in countermeasures to earlier U.S. tariffs and is planning $18 billion more to address Trump’s broader tariffs. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

Watch now

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2018 high at 1.4377. Setbacks should be well supported above 1.2000 on a monthly close basis.

The Pound has shown tremendous resilience and strength following the latest tariff announcements from the Trump administration, particularly as markets speculate the UK might face less severe trade impacts compared to the EU. Optimism the UK’s relatively balanced trade relationship with the U.S. could lead to exemptions or lighter tariffs is boosting investor confidence. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

There are signs of a meaningful top in place after the market put in a multi-year high in 2024. At this point, the door is now open for a deeper setback towards the 140 area.

The market is viewing long Yen positions as the best hedge against US tariff and recession risk. This has been helped along by a recommendation out from Goldman Sachs echoing this sentiment. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

There are signs of the potential formation of a longer-term base with the market trading down into a meaningful longer-term support zone. Only a monthly close below 0.6000 would give reason for rethink. A monthly close back above 0.7000 will take the big picture pressure off the downside and strengthen case for a bottom.

The Australian Dollar is struggling to attract buyers because of a significant 34% reciprocal tariff slapped on China – it’s largest trading partner, coupled with heightened risk-off sentiment following the “Liberation Day” tariff announcement. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

A sustained hold above 1.3000 over the past several months signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in at the 1.5000 psychological barrier. Setbacks should be very well supported ahead of 1.4000.

The Canadian Dollar has held up surprisingly well in the aftermath of the tariff news. It seems markets may have already priced in U.S. tariff risks and expect softer impacts due to Canada’s close trade ties and ongoing talks with the Trump administration. Broad based USD weakness amid global trade concerns is also offsetting pressure. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

Overall pressure remains on the downside with the market continuing to stall out on runs up into the 0.6500 area. At the same time, there are some signs of the market wanting to put in a longer-term base. Ultimately, a break back above 0.6500 would be required to take the medium-term pressure off the downside and encourage this prospect. A monthly close below 0.5469 will intensify bearish price action.

The New Zealand Dollar has been caught between risk off fallout from the US tariff announcement and broad based US Dollar selling in the aftermath. Key standouts on Thursday’s calendar come from German, Eurozone, and UK PMI reads, Eurozone producer prices, ECB speak, Canada trade, US trade, US initial jobless claims, US ISM services, and the ECB Minutes.

The longer term uptrend remains intact and dips continue to be exceptionally well supported. But we are in the throes of a meaningful correction with scope for the pullback to extend back towards major previous resistance turned support in the form of the 2022 high at 4820.

Going forward, it will be important to keep an eye on Trump trade policies, inflation, bigger picture economic data and the Fed policy outlook. Any of these variables are capable of easily ruffling some feathers and we’ve already seen a little of this thus far in 2025.

The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension towards 3500. Setbacks should now be well supported above 2800 on a monthly close basis.

The yellow metal has pushed record highs in recent months with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported over the coming months.

All eyes on what comes of today’s Liberation Day. The market will be wanting to know the extent of the tariff package scheduled to be announced by President Trump at 4pm ET. There has been some hope in the lead up that the package will be less disruptive to financial markets than what many had feared.

Financial markets are currently being driven by a combination of geopolitical tensions, central bank policy expectations, and renewed trade uncertainty. Investor sentiment remains cautious as markets await clarity on potential U.S. reciprocal tariffs, which could reignite global trade frictions.

Choose pair:

The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips towards parity, with a higher platform sought out ahead of the next major upside extension. Look for a push back towards the 2023 high at 1.1276 in the days ahead. Only a monthly close below 1.0000 negates.

The Euro took a bit of a hit on Tuesday after Euro area inflation data came in softer than expected. ECB Rehn backed this up after saying an ECB cut in April would be the right decision if the current baseline held. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

Watch now

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2018 high at 1.4377. Setbacks should be well supported above 1.2000 on a monthly close basis.

It appears the UK’s pragmatic approach to tariffs is benefiting the Pound right now, which has held relatively well considering. BOE Greene was on the wires saying tariffs were on balance ‘disinflationary’ for the UK. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

There are signs of a meaningful top in place after the market put in a multi-year high in 2024. At this point, the door is now open for a deeper setback towards the 140 area.

The Yen has been better bid overall on solid economic data that points to more rate hikes ahead from the BOJ. At the same time, uncertainty around US tariffs has kept the currency from running too far and fast. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

There are signs of the potential formation of a longer-term base with the market trading down into a meaningful longer-term support zone. Only a monthly close below 0.6000 would give reason for rethink. A monthly close back above 0.7000 will take the big picture pressure off the downside and strengthen case for a bottom.

The Australian Dollar is stressing about the details around US tariffs. RBA Bullock has tried to downplay the risk saying any new tariffs would likely be offset by a China response of increased stimulus. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

A sustained hold above 1.3000 over the past several months signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in at the 1.5000 psychological barrier. Setbacks should be very well supported ahead of 1.4000.

The Canadian Dollar got a boost from the news that Canada and Mexico had come to an agreement on safeguarding North American competitiveness. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

Overall pressure remains on the downside with the market continuing to stall out on runs up into the 0.6500 area. At the same time, there are some signs of the market wanting to put in a longer-term base. Ultimately, a break back above 0.6500 would be required to take the medium-term pressure off the downside and encourage this prospect. A monthly close below 0.5469 will intensify bearish price action.

The New Zealand Dollar remains highly sensitive to overall risk sentiment and awaits the details around today’s US tariffs. Key standouts on Wednesday’s calendar come from US ADP employment and factory orders. We also get the highly anticipated details around US tariffs.

The longer term uptrend remains intact and dips continue to be exceptionally well supported. But we are in the throes of a meaningful correction with scope for the pullback to extend back towards major previous resistance turned support in the form of the 2022 high at 4820.

Going forward, it will be important to keep an eye on Trump trade policies, inflation, bigger picture economic data and the Fed policy outlook. Any of these variables are capable of easily ruffling some feathers and we’ve already seen a little of this as 2025 gets going.

The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension towards 3500. Setbacks should now be well supported above 2800 on a monthly close basis.

The yellow metal has pushed record highs in recent months with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported over the coming months.

Things have been relatively quiet in Tuesday trade thus far. A lot of this is understandable when considering the market is awaiting details around tomorrow’s tariff announcements from the Trump administration.

Financial markets have settled into a wait-and-see ahead of tomorrow’s highly anticipated update on the details of US tariffs. We have seen some position squaring ahead of the event risk, as some traders look to reduce risk associated with worst case scenarios.

Choose pair:

The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips towards parity, with a higher platform sought out ahead of the next major upside extension. Look for a push back towards the 2023 high at 1.1276 in the days ahead. Only a monthly close below 1.0000 negates.

There were no major updates out of the Eurozone on Monday, though we did see some bids into the Euro on the back of a recovery in risk assets. Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

Watch now

Signs have emerged of the market wanting to put in a longer-term base after collapsing to a record low in September 2022. The door is now open for the next major upside extension towards the 2018 high at 1.4377. Setbacks should be well supported above 1.2000 on a monthly close basis.

Talk of positive seasonality in April is inviting a fresh wave of demand for the Pound as the new month gets going. Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

There are signs of a meaningful top in place after the market put in a multi-year high in 2024. At this point, the door is now open for a deeper setback towards the 140 area.

Today’s round of economic data out of Japan including unemployment and the Tankan have come in solid on the whole and continue to support the case for more rate hikes from the BOJ. Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

There are signs of the potential formation of a longer-term base with the market trading down into a meaningful longer-term support zone. Only a monthly close below 0.6000 would give reason for rethink. A monthly close back above 0.7000 will take the big picture pressure off the downside and strengthen case for a bottom.

Earlier today, the RBA was out leaving rates on hold as widely expected, while offering up no material change to the tone of the overall communication. On net, the central bank is keeping policy restrictive while continuing to assess the evolving data and other risks.  Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

A sustained hold above 1.3000 over the past several months signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in at the 1.5000 psychological barrier. Setbacks should be very well supported ahead of 1.4000.

The dual threat of recession fears and tariffs has been enough to keep the Canadian Dollar weighed down despite the latest jump in energy prices. Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

Overall pressure remains on the downside with the market continuing to stall out on runs up into the 0.6500 area. At the same time, there are some signs of the market wanting to put in a longer-term base. Ultimately, a break back above 0.6500 would be required to take the medium-term pressure off the downside and encourage this prospect. A monthly close below 0.5469 will intensify bearish price action.

The New Zealand Dollar continues to trade with a heavy tone as it awaits the details around tomorrow’s US tariffs. Key standouts on Tuesday’s calendar come from UK nationwide house prices, German, Eurozone, and UK manufacturing PMIs, Eurozone inflation, Eurozone unemployment, an ECB Lagarde speech, US ISM manufacturing, US JOLTs job openings, and the New Zealand GDT auction.

The longer term uptrend remains intact and dips continue to be exceptionally well supported. But we are in the throes of a meaningful correction with scope for the pullback to extend back towards major previous resistance turned support in the form of the 2022 high at 4820.

Going forward, it will be important to keep an eye on Trump trade policies, inflation, bigger picture economic data and the Fed policy outlook. Any of these variables are capable of easily ruffling some feathers and we’ve already seen a little of this as 2025 gets going.

The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension towards 3500. Setbacks should now be well supported above 2800 on a monthly close basis.

The yellow metal has pushed record highs in recent months with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported over the coming months.

The ongoing escalation in trade tension has resulted in more downside pressure on risk assets, with US equities continuing to get hit hard as a consequence. The US Dollar has been trading with more of a mixed tone of late, more bid up against the risk correlated currencies, but getting sold against the other majors.