Morning traders, relatively quiet open, we are still long EUR against CHF on the subtle diplomatic progress, on the ground a truce certainly doesn't appear near but both diplomatic sides have mentioned some progress in a few key topics, the flipside to that and the main risk for the EUR right now is an energy embargo on Russia which is being pushed by a few European leaders, hard to get it through but we monitor, the flexibility in this environment is extremely important, keeping ourselves open to all scenarios Elsewhere from a seasonal point of view focus is on some USD shorts starting from tomorrow, with particular focus on AUDUSD longs being the most consistent pair with April's seasonal flows, will be back with the latest from Goldmans as soon as it gets through