For the yen it's much to do with oil prices. High oil prices are an unambiguous negative for all Asian currencies but the yen's sensitivity is historically high,

High oil prices may raise inflation but longer-term it's negative for growth and that's how the Fed sees it.

We're long on autos, short on oil stocks.

Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.

I'd be surprised if oil ticks much lower. Stocks are good, but you only have to have Iran start to threaten the loss of barrels. I expect the Iranians to take this to the wire.

What that says is that even though crude oil prices are at near-record highs, gasoline prices are much higher than the crude oil prices would dictate.