Societe Generale - "The disappointment following Apple’s earning release hit the popular tech sector globally, but more importantly we are continuing to see rising signs of overbought valuations and sentiment battling potential risks. Rising FX volatility is slowly percolating cross-asset. Fixed income has already taken a hit from some loss in overbought safe haven and front end VIX are gently edging higher globally as is seemingly their skew. The days of the short USD long risk (MXN, AUD and even CAD...) are now more counted. Expensive assets such as GBP, JPY, CHF have already corrected. AUD and co are still supported by a global recovery even if very expensive, but the USD is cheap very very cheap. Existing trends in EUR and USD are set increasingly for a setback. The real one should come in H2 when the US economic recovery firms up."