Dealers note talk of a significant corproate sell order in EUR/GBP has helped send the legs of the cross in divergent directions. EUR/USD has softened to the 1.2920s while cable has edged up to the 1.4790s from below 1.4780. Dealers note GBP/JPY buying as well again today though USD/JPY is very quiet.
Earlier in the session EUR/USD got a boost from central bank bids out of Eastern Europe. The banks have been intervening to buy local currencies against the euro and then turning around and buying back the euro against the greenback.
