Given the collapse of European VIX to record lows, one could be forgiven for thinking that there’s nothing to worry about. However, a one point jump in first-round support for French far-right presidential candidate Marine Le Pen has sparked a notable drop in EURUSD this morning.

European FX investors look anything but comfortable…

Overall however, according to the polls, Le Pen is unlikely to win…

But then again – Brexit and Trump proved that mea