First we look at overall risk appetite as portrayed by our sample of global indexes, because the EURUSD has been tracking these fairly well recently.

RT and Der Spiegel have recently published a few infographics on trade between the EU and Russia, respectively Germany and Russia, which we reproduce below. This shows why tit-for-tat sanctions could be a really big problem for Europe and why the EU's leaders are probably quietly praying for the crisis to simply go away.

The long-awaited Turkish rate hike took markets by surprise although higher rates to fight inflation were expected for weeks. Turkish interest rates went from 4.5% to 10% in one fell swoop to try to shock lire short-sellers. This led to some reversal of the anti-emerging markets trend.

The bottom is 'in'!