From HSBC: "The certainty that the USD will retain its safe-haven status will also need to be challenged, and the market will likely split. We are moving from a one-way street on the USD’s relationship with risk-on risk-off to one characterised by two-way flow."
The best way we think to express idea is through the crosses, HSBC notes; "At the present time we think AUD-JPY is the best proxy for the clarity that comes through the equity markets. The end of year is only a couple of months away but we have a lot to get through. A Chinese election, a US election coupled with the fiscal cliff, the possibility that Spain will come to the ESM."