[Jason_Lim]

○ FX correlations to equities have been rising over the past two weeks, returning to more normal levels. Several JPY pairs have staged big rallies; NOKJPY now appears in the top ten and was absent two weeks ago. Several AUD pairs have dropped out of the top ten however AUDUSD corr is higher and remains at the top with AUDJPY surging into second place.

○ FX correlations with oil have been on the rise as well. This week we see JPY pairs and commodity pairs (AUDUSD, NZDUSD, and USDCAD) topping the chart (AUDUSD and AUDJPY lead here also). In terms of USD pairs, EURUSD has risen 17 corr points in the past week, falling just shy of the top ten list.