Central banks often like to play broad ranges, buying when fast-money types are panicked and selling when they are ebullient. That strategy works well most of the time but occasionally markets trend and then they get caught out just like the rest of us. My guess is that is what is happening today as reports of buying by central banks on the fractional pullbacks from 1.4030 highs already make the rounds.
One example of the above strategy are rumors circulating today of the RBA (Reserve Bank of Australia) selling some AUD above 0.78. Where where they buyers last? 0.64?
