We attribute the movements to renewed interest in the group following a summer of doldrums and higher expectations for the gold price. We look to higher gold prices and stronger valuations associated with higher volatility.

There has been a shift this week towards expectations of another U.S. interest rate rise in March -- the interest rate differential is there and it is helping the dollar.

The euro is becoming firmer, supported by a better economic outlook and expectations of further interest-rate increases by the ECB.

Market expectations... for a pause in interest rate rises have retreated.

The gains have got more to do with the interest-rate cycle and expectations that it's very near to the peak. Property will be the obvious beneficiary.

If the rate expectations continue to come down, Hong Kong, as an interest rate sensitive market will likely benefit. Moreover, if the interest rate expectations drop, the U.S, growth expectations will also taper off. This will also encourage money to flow from the growth sensitive markets, notably Korea and Taiwan. Hong Kong will be an idea destination.