We’ve seen some decent action in the EUR/CHF cross this morning. It’s up at 1.2255 from early 1.2217 having been as high as 1.2277 after buy stops tripped through 1.2250. My favourite bank Barclays was out making bullish comments.

Also talk of decent buying of 3 and 6 month EUR/CHF calls with 1.2500 and 1.3000 strikes respectively.

EUR/USD marginally lower at 1.3365 from early 1.3385, effectively consolidating recent gains. Early reports had buy orders clustered down at 1.3345/55 and we reached session low 1.3348 before bouncing. Talk of sell orders, including sovereign interest, clustered up at 1.3415/25 and more clustered 1.3440/50 ahead of 1.3450 barrier option interest.

Cable down at 1.6105 from early 1.6135. Middle Eastern sovereign selling notable this morning.

Bernanke speech at 21:00 GMT eagerly awaited.