We saw the return of some pretty good volatility in the currency and metals markets yesterday with the dollar rising sharply and commodities dropping. It was definitely a ‘risk off’ kind of day with almost every currency down versus the US dollar as investors, scared by the ongoing European sovereign debt problems and a slowdown in the Chinese economy, rushed into the US dollar which is still seen as a ‘safe haven’. Yes, in spite of all of the debt and deficit problems here in the US, the US Treasury market is still seen as a risk free environment and it is where large investors hide during uncertain times. The 10-year bond, which we track in the currency roundup below, was up over 60 basis points dropping the yield back down below 3.2%.