U.S. durable goods orders suggest the (U.S. Federal Reserve) is almost certain to raise interest rates two more times. That should support the dollar.

The market seems to anticipate a May increase plus another one, but probably not two after May, which will likely make the 5 percent benchmark yield reasonable.

With the Iran issue, it's difficult to create short positions.

Many market players already think the ECB will raise interest rates in March and then several more times later this year.

The market, particularly the short end, is weighed by the suggestion from the minutes that inflationary pressures remain, confirming market views that rates will rise to 5 percent at least.

In addition to the foreign exchange system already in service, we now have an integrated solution for combined risk, one of the greatest strengths of the Calypso solution. We are looking forward to making full use of its features.