If I had to guess, I suspect plenty of market players were anticipating a soft Philly Fed/claims and waiting to put on risk trades until afterwards.
Alternatively, it could just be the regular midday low-volume rally that gets clobbered late in the day.
The euro has cracked 1.28 but the 200-day moving average is the main feature on the chart (at 1.2811). Cable is starting to run into strong offers ahead of 1.5900.
