Implied Volatilties for FX Majors - 12 June 2009, 2119h

Sequence from left to right = 1 wk, 1 mth, 2 mths, 3 mths, 6 mths, 1 yr

EUR/USD = 12.55, 13.55, 13.75, 13.90, 14.30, 14.30

USD/JPY = 13.90, 14.20, 14.45, 14.45, 14.50, 14.50

GBP/USD = 15.85, 15.60, 15.65, 15.55, 15.60, 15.60

USD/CHF = 12.10, 13.15, 13.25, 13.40, 13.40, 13.50

AUD/USD = 19.95, 19.90, 20.05, 19.85, 19.40, 18.70

USD/CAD = 17.00, 16.50, 16.45, 16.45, 16.30, 16.30

My thoughts right now - I think the Yen might replace the US dollar as the reserve currency, so we can start buying the Yen crosses