It's been a relatively quiet week so far, terror attacks in Europe stole the headlines. If we put aside the human tragedy, markets have not really changed course. The rally in equities and emerging markets FX saw some profit taking after the aggressive gains. USD is still trying to reverse course, yields have moved in favor of USD but positioning seems to be holding some pairs back. EURUSD is trying to edge lower but the recent support levels hold. USDJPY has started trying to trend higher but has not been able to gain a real foothold yet. Gold remains weak along with other precious metals on USD strength. GBP has been losing ground but is still dar from year lows. The only real trends are still with emerging markets and commodity currencies. AUD has still been trending higher along with RUB, MXN, KRW and PLN. It seems European steps andglobal low rates still favor yield pick up.