It has been another’lazy’ morning session in Asia with the days movements dictated by position adjustment ahead of theweekend. Nobody wants to be on the wrong side of the usual bearish diatribe that emanates from the UK press every Sunday. As such a minor square up is underway. EUR/USD bounced sharply from around 1.3270 to 1.3324 a couple of hours ago but since has tracked sideways. Market is hoping that the Greece story has run its course and we can now move onto something else. That something else may well be US Treasury bond market with long term yields up again overnight. A repeat of 1994 bond market collapse may be in the making if one takes any notice of Pimco’s Bill Gross who said overnight that the almost three decade bond market rally may be drawing to a close. This is of course not a story for the moment but one to keep in mind especially for those who like to take long term positions and sit on them.