In many ways, the Great Correction is hitting Ireland harder than the USA. If the US overbuilt, Ireland overbuilt even more.

Nothing seems to be going the dollar’s way. The deficit continues to balloon, evidence of a robust economic recovery is taking too long to materialize, the global interest rate outlook is quickly outpacing the Fed and risk appetite trends remain stubbornly buoyant.

The euro finished the week sharply higher against major counterparts, boosted by a dramatic improvement in European yield forecasts and broader US dollar weakness.

The Japanese yen weakened against most of its major counterparts this past week and will likely continue its southern journey as risk appetite regain its footing.

The British pound made another run at 1.6400 as the economic recovery in the U.K. continued to gather pace.

The Canadian dollar continued to strengthen against its U.S. counterpart in March, with the USD/CAD slipping to a fresh yearly low.

The EUR/USD ripped higher after ECB President Trichet telegraphed a possible rate hike next month.

The weekly chart for AUD/CHF is becoming Clive Corcoran's preferred barometer - at least for the time being - of the appetite for macro risk.

The story of the bubble years was the build up of debt throughout the world.

High yield bonds have remained a favored risk-on asset class for most of the last two years, but today's chart suggests that the dissonance and negative divergences are becoming ever more apparent.