Be very careful folks as the headlines saying the Malaysian airline was shot down is very dangerous. It’s awful news for the people on board and our thoughts should be with them first and foremost.

Unfortunately even such sad news doesn’t halt the market and although it’s very limited as far as moves in currencies go, so far, this could develop into a major incident. Make sure your positions are tight especially if you’re the wrong side of the risk trade.

USD/JPY has fallen to 101.26 and EUR/CHF has lost 5 pips to 1.2142.

If we start to hear the US/Europe/UK calling foul on Russia then we’re likely to see much larger moves and a run to safety.