Saxo Bank’s traders are in the middle of a “busy trading session” and have seen euro dollar rise 40 – 50 pips, off the back of Russian safe haven flows. On the options side, the traders explain that on Friday last week, 1-month euro dollar was trading at 5 percent - close to the all time euro dollar low of 4.7 percent - but things are trading up and the pair is now trading around 5.5 percent.

The traders also point out cable bidding has been taking place this morning, as FX investors follow news on the potential Pfizer-AstraZeneca deal.

Finally, they say the Swedish Krona is up after better than expected retail sales in Sweden. He says it’s the “biggest move in a long time” for the currency.