Societé Generale - "Good Morning. I want to be short AUD/USD, GBP/USD, and why not have a fling with some long CAD/JPY for a 'risk-on' bounce in honour of the great and might Ben Bernanke. A hyper-defensive EM strategy approach seems wise given risks and valuations, and in honour of the awfulness of the Transatlantic economic divide, a day's pause in the Tsy/Bund spread may be replaced by fresh widening imminently... (...) Today sees a load of EU confidence data but the 5yr tap and sale of a new 10yr BTP in Italy (at 10:00a.m GMT) are a major hurdle. (...) There remains a close correlation between the performance of Italian bonds and the Euro as credit concerns drive FX, and whether EUR/USD builds a base above 1.30 or moves to a new 1.25-1.30 range, may depend somewhat on today's auction result. I am nervous, to say the least."