Traders report central bank activity on both sides of the market this morning in EUR/USD. Selling into strength were the Bank of Korea, who has been intervening to strengthen the won of late, a dramatic shift from past practice. Also selling was the BIS. who could have been acting for any number of central banks, perhaps even the one whose borders it resides in…
For the first time in many moons there was talk of a European central bank playing in EUR/USD, with the Banque de France a buyer earlier today below the 1.2300 level.
Kinda explains the range-bound action.
