Funny sort of morning. Risk off early changed to risk on late in the morning session. Hard to really pinpoint any convincing triggers for the turnaround. Suffice it to say there remains a huge deal of uncertainly surrounding tomorrows ECB rate decision/Draghi press conference.

EUR/USD sits at 1.2545, 10 pips firmer than the 1.2535 that greeted me. We drifted everso slowly lower early against the general risk off backdrop. Talk had buy orders clustered 1.2500/20 and they just about held the line (session low 1.2502) Then as European stocks turned round, so EUR/USD recovered. The recovery it has to be said was a darn sight quicker than the sell-off had been .

USD/JPY unchanged at 78.40.

Cable up at 1.5903 from early 1.5860. Inbetween though we saw a dip to 1.5826 initally. Sovereign buying helped fuel the subsequent recovery. EUR/GBP down slightly at .7890 from early .7902.