It was very much a risk off morning in Asia but by Tokyo lunch the mood started to change. The Nikkei down 2.0% started to recover with dealers reporting that Japanese names started putting in bids at 134.00 in EUR/JPY. The recover since has been modest with GBP/USD leading the way with stops tripped above 1.5450. This is the first time in a fortnight that sellers have held their “fire” on a European open – its early so let’s not get too carried away but we might be in for some more Euro and GBP gains today.