HSBC - "FX markets are no longer trading on clear mechanisms. They are trading on uncertain perceptions, be they of the impact of QE3, the implications of US data, or the questionable currency effects of non- conventional monetary policy easing. The certainty that the USD will retain its safe-haven status will also need to be challenged, and the market will likely split. We are moving from a one-way street on the USD’s relationship with RORO to one characterised by two-way flow. The best way we think to express idea is through the crosses. At the present time we think AUD-JPY is the best proxy for the clarity that comes through the equity markets. The end of year is only a couple of months away but we have a lot to get through. A Chinese election, a US election coupled with the fiscal cliff, the possibility that Spain will come to the ESM. Put on your tin hat and brace yourself."