Dealers report talk of a central bank being spotted on the bid as EUR/USD pulled back to the low 1.2570s. The BIS (Bank for International Settlements) is said to have the bid, most probably for a member central bank. The BIS essentially acts as broker for its members, allowing them to keep their finger-prints off the market, if they desire. Given the large drops in ECB reserves in recent weeks, a safe bet might be the ECB is the ultimate buyer.