Traders reported there were a couple of hundred million euros to buy at the 16:00 GMT fixing but the pair moved no higher, trading steadily in the low 1.3130s. We’ve since dipped a touch, so it feels as though there are still euro sellers around.
The 200-day moving average is just below 1.3100 today. We dipped through it briefly yesterday but then managed to rally about a cent after the Chinese “news” overnight.
