In a sense, the U.S. is no longer leading the scenario.

People are looking for reasons to sell the dollar.

The dollar will weaken. We bought some euros below $1.20. We took advantage of the dip in the euro.

Markets were primed for worrying about risk - equities, bonds and currencies too.

This is the first time the U.S. bond market has not been leading other bond markets.

It's a real tug of war in the yen.