Investors are unwilling to buy bonds today. Everyone is cautious about good U.S. job data, staying alert for further gains in bond yields.

I don't think there are any investors who can say with confidence that 20-year bonds are a great buy with stocks rallying. It's natural to see some selling of bonds ahead of the auction.

The euro will probably be the weakest among the three major currencies, given the economic fundamentals.

The yen is more likely to fall than rise. The BOJ probably won't raise rates anytime soon, keeping the rate-differential story alive.

We're seeing investors buy on the dips but, in the short term, we have to be cautious. There's no real good news and there's nothing really to send this market forward so we have to be cautious.

The U.S. has been a graveyard for U.K. retailers, so investors are a little cautious. It could be that it wants to a get a flavor for the market through a small operation and then make a massive acquisition to get instant size.