EUR/USD eased back below the 1.2800 level a short while ago with the market playing a game of risk-on, risk-off. Steady central bank buying of EUR/USD this morning has helped keep the pair quietly range-bound for much of the US session.
OOPS! As I write this, we make a new low at 1.2791… Never mind!
What is clear this morning is that EUR/USD is less a point of interest than AUD or GBP. Both have been sold heavily during the US morning. AUD was knocked lower by US custodial accounts while GBP was sold by a US multi-national.