• A meeting is possible if leaders see a need for it
  • Tensions are growing over Ukraine
  • Diplomatic contacts are still active
  • Situation in Donbass is extremely tense and worrying, there is shelling and provocations
  • Putin to address security council imminently; this is "not a regular session"

The headlines are taking some shine off risk trades from earlier, though there is still hope for dialogue at least. The Kremlin spokesperson does say that a meeting between Lavrov and Blinken is possible this week. That's as far as they would go to confirm any sort of exchange for the time being.

Meanwhile, they continue to talk up tensions in Donbass and that continues to leave some scope for interpretation.

The US dollar has trimmed some losses against the euro, with EUR/USD now down to 1.1360 levels from a high of 1.1390 earlier.