Money continues to leave Europe in droves. Some is hot money but some is no doubt core holdings of long-term investors.

Once again, we’re seeing EUR/USD selling accelerate around the time of the 16:00 GMT fixing, a mechanism used most heavily by the asset management community because it is a transparent price fulfills various fiduciary responsibilities.

Banks get those orders in advance of the fixing , and if they are one-sided enough, they move the market in advance.

EUR/USD is making fresh lows in the 1.2950s as we write.

1.2950 and 1.2900 barriers are seen on further falls.