EURHUF (+1.15%) pares the majority of yesterday's losses as the European equity open drives risk sentiment more broadly. Banks across the continent are slipping sharply (UBS off 5.5%, DBK off 3.5%, Barclays off 2.4%) as concerns around the fragility of Swiss banking worsen on report that the DoJ are looking into whether UBS, CS helping Russian skirt sanctions.

• Risk-off trade across G10 feeding directly into high beta and EUR proxies, providing a headwind to most CEEMEA currencies.