Trouble in paradise? Both were up by a little over 2% to start the European morning but we are seeing the market turn tail and run with USD/CHF slipping back close to 0.9600.

US futures have also seen gains from the early European morning peter out, with E-minis just up by ~0.5% currently. USD/JPY is also back lower now to 107.75 after having hit a high of 108.58 just two hours ago.

The market is still holding out hope for global central bank stimulus, but as highlighted here, it may not necessarily be the solution to dig investors out of the hole.