Sharp selling in the euro
The US dollar is getting a Friday bid as North American trading ramps up.
The euro is the main loser on the move. Lagarde made some comments on inflation ahead of the move but I don't see anything that would prompt any kind of selling.
There are large euro options running off today. It's a bit early for those to be in play but they could become an increasing factor into the 10 am New York cut. EUR/USD is trading at 1.2187 and there's 1B euros running off at 1.2200 and another 1.2B in the 1.2160-70 range.
Aside from the euro, the dollar buying has been more limited with 10 pip moves in the same timeframe.
