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You probably don't remember this but five or six weeks ago the market had a dip of about 5% due in part to the unwinding of the carry trade.

Obviously I say this tongue in cheek as it appears the Aussie/Swissi pair does not remember that dip.

It has shot up very fast in the last month leaving all its worries behind. This is an interesting pair to watch in a VIX-like manner.

Australia and Switzerland are thought to be at different ends of the same spectrum such that Aussie strength means less fear. I don't know whether the Aussie has been this high before but it has not been this high in the last five years.

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