For the most part in the last month, we’ve seen an improvement in risk sentiment - the safe-havens have generally underperformed, notably the Japanese yen, which has slumped to around its lowest level at any time since I started working in the FX industry, and at the release of this recording may well have fallen to its lowest level since 2002.

The higher risk currencies have generally rebounded, notably the Australian dollar and Norwegian krone in the G10, while among emerging markets: the Brazilian real, South African rand and (notably) the Russia ruble have led the rebound.