[achiever]

○ Equity/FX correlations have eased slightly however USDCAD has now taken the top spot out of all G10 pairs with a correlation of -83%. This is the 1%ile for this corr relative to the past four years. The bulk of the remaining top ten are JPY pairs however some SEK pairs, in particular USDSEK, have moved near the top. The four year mean for USDCAD/Equity corr is -29%.

○ In Equity/EM space USDBRL continues to march higher and takes the lead by a long shot with a correlation of -81%. USDMXN however has fallen from -63% to -50%.

○ In Crude/FX space NOKJPY remains the top corr at 71%, down about six corrs from two weeks ago. USDCAD has now broken into the top ten with a corr of -62%tied with AUDUSD however out of all USD pairs USDNOK is the most correlated at -66%.

○ It is interesting to note that EURJPY and NZDJPY, whose corrs to crude hit four year highs two weeks ago, have backed off with NZDJPY dropping out of the top ten.