The AUD/USD spiked from .9985 to 1.0050 in NY afternoon trade after a UK clearer bought a sizeable amount. There has been speculation that it is related to Australian flood insurance claims but what I cannot understand is why a sophisticated market player would choose to buy AUD in a typically illiquid market during the NY afternoon. Normally one only does big amounts at that time when you are trying to move/manipulate the market in the short-term in a particular direction.