This trend where the Chilean peso has weakened with Brazil and Mexico doesn't really have anything to do with Chile at all. We think it's a very good entry point.

The thing to watch now, once the 15 minutes' 'noise' after the number is out of the way, is whether there will be a resumption of the weak dollar trend.

We are looking for 110 yen in three months, and we could well hit 100 yen later this year.

Japanese interest rates continue to price in tightening from the Bank of Japan. We think it's a bit premature, but the currency market is taking notice.

We also judge that the dollar is vulnerable from a structural perspective. External imbalances in the U.S. are not a key market focus at the moment, but this could change on signs of weakening flow support.

A further significant upward shift in rate expectations seems unlikely in the near term given the current Fed language and the uncertainty about the strength of the data ahead of the March meeting.