EUR/USD is seeing choppy trade so far this morning, admittedly confined to a narrow range. Trailing stops below 1.2700 were tripped early taking us down to session low 1.2691, before notable buying from a major Swiss commercial bank helped lift the pairing higher.
We’re presently at 1.2715 with the BIS reportedly selling in recent trade.
Earlier I got report that there was some evident caution in market re possibility of SNB rebalancing some of it’s euro holdings above 1.2700. More musings than anything concrete, but interesting I guess to subsequently hear the reports of BIS sales.