Friday’s slide to 1.3250/60 was lead by a US custody bank and today has seen similar flows come into the market despite a very different market backdrop. It begs the question whether these euro sales were left over from last week when money was being pulled out of overseas markets en masse or whether these are fresh sales with US investors already selling into strength in European markets. For the markets as a whole, we’d better hope that these are residual sales and not fresh flows being yanked out of the markets even though the landscape has changed in the wake of the G7 action.