• Small trailing stop-loss buy orders at 1.2510 EUR/USD
  • 1.4500 option expiry at 14:00 GMT
  • SNB bid in EUR/CHF was as large at 5 bln EUR at times today
  • AUD/USD stops below 0.8875
  • NZD stops below 0.71
  • EUR calls being bought to protect profits on short positions
  • EUR in demand versus commodity currencies this morning