- Any rallies are running into the BIS, thought to be selling on behalf of the SNB (who buy EUR/CHF then sell EUR/USD in order to keep FX reserve ratios steady)
- Dips are seeing demand from Middle East Sovereigns and a US bank thought to be buying on behalf of IMF (for loan payments to Portugal and Greece)
Looks like we will have to wait until one or other flow is exhausted before we get the next decent sized move.
