We’ve had a pretty ‘normal’ trading day with the JPY crosses as usual leading the way in Asia. EUR/JPY fell 80 pips in the morning, recovered all those losses, but has now started to slide again as we approach the European open. Swiss banks are normally at their desks by about 6.30 am and they get the European trading day started. Cable still looks a bit sick and it will be interesting to see what the London traders make of it this morning.