The White House is forecasting a budget deficit of almost 13% of GDP and, at the rate that GDP is falling, this percentage is going to continue to rise. Where is the money going to come from? The latest 30-year Treasury auction did not go well I believe so while the short end remains liquid the lack of demand at the long end certainly raises some interesting questions. I remain a seller of USD; on dips against the EUR whilst the JPY crosses are rising and then on rallies against the JPY when the tide turns in the crosses.