Stepping back a little and looking at the whole landscape, it looks as if traders are shuffling around positions to reflect underweight exposures to Europe and the UK and overweight exposures to commodity currencies. The dollar is losing out modestly across the board at the same time.
Heading into the fixing EUR/USD is at 1.3030, Cable at 1.5620, USD/JPY at 87.50 and AUD at 0.8935.
