EUR/USD managed to trigger stops below the 1.3585 low posted yesterday afternoon in New York but has since rebounded to the 1.3630 area. Dealers report buying by a macro hedge fund adding to a long position. We also heard talk of buying buy the BIS on the earlier dip to the 1.3600 area prior to the data. Having sold large amounts of EUR/USD above the 1.37 level yesterday and today, we would not be surprised to hear talk of Chinese buyong on dips to reload for further defense of 1.3750 barriers.