The US$ index is rising to a one week high and the US$ is also higher against emerging market currencies such as Brazil, Taiwan, and Indonesia, so the bounce is broad based. Whether it was Bernanke uttering the dollar word in terms of its impact on commodity prices and inflation on Monday, Trichet following up saying don’t ignore Bernanke’s comments, maybe (I emphasize maybe) comments today from JPM saying Brazil may increase the tax on FX inflows to further stem the rally in the Real and more vocal comments in Asia this week telling China to let the Yuan appreciate (which the Chinese say the Fed is responsible for due to their peg), we may have reached a short term global pain threshold on the US$ weakness that could spur a counter trend rally in it. The reflation today is being sold and is weighing on the futures. Also, UK banks are lower after Experian, a credit check co, said the UK banks are in the worst state in the developed world.