Dealers are reporting that interest has been very muted this morning so far, with all of the majors trading around their NY closing levels. One of the bigger macro funds has been sniffing around GBP/CHF. If they are showing interest at this time of the day it can only mean one of two things; either they have a model which issues trade signals immediately after the NY close or they intend to try and move the market whilst it’s at its least liquid.