The market seems determined to take away what ever profits dealers have on the books today. EUR/USD took out resistance at 1.2650 and 1.2675 reaching the low 1.2690s so far. Offers in decent size are seen on order books at 1.2700, interbank dealers report.
Dollar demand remains rumored at the upcoming fixing but recent price action suggests it may not be as large as first rumored. Either that, or the trading gods are squeezing the guys who anticipated those flows before the flows actually hit the market…
