Month-end flows look to be the driving factor this morning. I would not try to fade this move anytime before 15:15 GMT if so inclined as the flows seem pretty significant given the strength of US equities this month. If long for a punt, I also would not be shy about taking advantage of the fortuitous flows to book some profits. I would not read too much into the price action today other than a concentrated bid of demand at a time of modest interest. Most traders are just trying to close the books without losing their month’s P&L.