Traders and dealers all seem rather clueless this morning and the swine flu outbreak is the only topic of conversation. JPY crosses have been sold heavily with the EUR and the AUD being particularly savagely dealt with. But if this is a real risk-aversion play, then why is EUR/GBP 125 pips lower this morning? This does not compute in my mind. I think we might see a sharp reversal of these JPY cross moves in coming sessions, especially if no further alarming news emanates from the WHO.