The major theme of European debt inspired risk aversion, continued to play out through the course of last week’s trade. Risk aversion reached a peak in the offshore session on Friday, as the odds on a Greek Government debt default again increased. Markets are pricing in around a 90% chance of default from Greece, as they struggle to implement the spending cuts necessary to ensure further bailout funds from the ECB, EU and IMF. The main beneficiary of this risk aversion has been the US dollar, as safe haven demand pushes it higher on almost all cross rates.