EUR/USD has fallen back toward session lows in the 1.2180s amid talk that Iran is in the midst of dumping much of its EUR-denominated forex reserves. Iran also says, according to media reports, that other Gulf states are trimming euro holdings as well.
EUR/JPY is losing a bit of ground after an overnight rally on the resignation of the Japanese PM. The presumed replacement, deputy PM Kan, is a weak JPY guy, but who isn’t in the Japanese hierarchy?
If 1.2185 support is overcome, 1.2168 is modest support, the 76.4% retracement of the 1.2110/1.2355 rally.
