EUR/USD surged back above 1.20 in Asia today following comment from China’s pension chief indicating that they were still concerned with their FX reserves and would continue to diversify. Whether this was just a cheap shot across the bows at the Yanks it is hard to tell. All up it was enough to get EUR/USD above 1.2050 but it has run into a roadblock above 1.2060 so far. These comments may be a “sleeper” with the US likely to react more than Asia and Europe – let ‘s see what happens. EUR/USD last at 1.2028.