Dealers note intense nervousness in the market as they jockey for position ahead of the fixing at noon New York time. Liquidity is very thin making markets vulnerable to be swings when any sort of sizeable deal flows in over the transom. EUR/USD just dropped 60 pips on next to nothing, falling to 1.2690 before steadying. Get used to that sort of price action. It will be with us the rest of the day.