The rumour is that the IMF is the big buyer in EUR/USD and has been for the last week. This is related to the China deal worth $50 billion which is to be translated into SDRs. What this basically means, is that the IMF needs to buy 13.5 billion EUR/USD and the market has gotten wind of this fact and is front running. All the big players are now long but the IMF through the BIS will not chase the market, preferring to sit on the bid. I believe that they were hoping to buy a lot more than they actually got yesterday at 1.4460/75 area and it is likely that they will raise their bid, albeit not appreciably. The deal done yesterday with India may also require more EUR/USD purchases, this time to the tune of EUR 2.5 billion.