The developments last week were a bit confounding, as both stocks and bonds rallied notably. Yen and Swiss Franc followed the path of falling yields and rose as the biggest winner of the week. Dollar was not much helped by Fed's tapering and solid job data. Australia Dollar ignored broad risk-on sentiment, and ended as the worst performer after RBA hinted that it's in no rush for rate hike. Sterling was the second worst after BoE disappointed those who expected an imminent hike. The path ahead could depend on how far stocks would go, and how deep yields would fall, and the balance of the impacts on the currency markets. That would also very much depend on the upcoming inflation data from the US. | 