Some of the Asian currencies are following the yen. As the yen goes stronger, then there's some trade influences on those economies.

The sum of the parts will trade higher.

The trade has taken off so quickly that it has been difficult for people to take notice and take action. It's quite amazing. You go into the markets in China and you find very few native species, because most of the native species have already been fully exploited.

There is some talk in the market that the ECB could move today but we think this is unlikely,

The story there is more positive, not just from the current-account surplus, but also from the interest-rate side and growth, ... These will help the baht.

If they hold rates steady and don't change the tone of their comments, which are already hawkish, there is scope for a correction in the euro, especially against the yen.