After a relatively quite overnight Asian session activity has picked up in early European trade. Ongoing deleveraging/USD repatriation remain themes to the fore with the JPY and USD the main beneficiaries. Focus on Lehman CDS settlement later today and some are placing USD demand on that. EUR/USD sold off early, the move accelerating when stops around 1.3285 were triggered. We’re presently down at 1.3250 with further stops noted down around 1.3220.