The FX markets had a calm week of trading relative to the exceptional volatility seen by the equity and fixed income markets.* Central banks stepped in to calm the markets as the fast and furious subprime crisis is expanding worldwide; the Federal Reserve the most temporary funds since September 2001, while the ECB, BOJ, BoC and RBA helped as well.* carry Trade were initially tossed out but managed to reduce loss.* Dollar/yen and the European currencies should recover.*