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 means nothing.