Risk on. European stocks, oil, gold, US treasury yields all up, yada, yada, yada. You know the gig.

EUR/USD up at 1.3950 from early 1.3900 having been as high as 1.3959. Middle East have been persistent buyers below 1.3900. Had reports of M/E purchases as high as 1.3930.

Real money sell interest up at 1.3950/60 so far capping the topside. Talk of buy stops through both 1.3960 and 1.3970. Barrier option interest remains up at the psychological 1.4000.

Cable up marginally at 1.6005 from early 1.5985. Russia was an early seller, helping pressure the pairing as low as 1.5962 before decent rebound. Talk now of sell orders layered from 1.6020 through 1.6060. We’ve been as high as 1.6022.

USD/JPY all but unchanged at 76.15 in another very quiet trade.

AUD/USD maginally firmer at 1.0485 from early 1.0465, underpinned by risk on backdrop.