Activity has picked up in EUR/USD. Aforementioned stops were tripped in 1.4265/70 area, sending us to a session low 1.4259. We’re presently back up at 1.4267/70.
This is a very strange market. When you think it should go a little lower, it goes up. When you give up hope of it going lower it has a little crap out.
Sources do report that there are alot of people out of the market this week on their holidays making market conditions rather thin, maybe that explains things.
Earlier I was hearing reports that China had been seen as a buyer down at 1.4270/80, which I must admit I didn’t totally believe. They were touted as sellers yesterday up at 1.4330/35 and to hear they were buying back so quickly smacked of micro-management. Glad we’ve traded below that area.
EDIT: Sources report selling out of Asia driving this latest push lower. Not mentioned whether sovereigns included or not.
