It’s a risk-on world.

In under 36 hours the cross has rallied 2 centimes, from 1.2001 to 1.2205 earlier this morning.

Reasonably robust Chinese data overnight combined with not-as-dire as feared US retail sales have helped improve risk appetite broadly and has helped accelerate the trend toward covering risk-averse positions like short EUR/CHF.

Just crossing the wires, Portugal’s presumptive PM says his Social Democrats have struck a deal with the People’s party to form a government.