We have heard a few comments about EURCHF and what’s going on. The truth is we have seen very little activity in EURCHF or for that matter USDCHF. The fact that EURCHF has gone bid again has prompted what is becoming the usual talk of ‘smoothing’ and all that. It might even be true. EURCHF is now 1.0350, while USDCHF is 0.9150.