EUR/USD was unable to meaningfully extend the topside of the of its morning range, running into selling in the 1.4860s. Recall on the way down, the 1.47855/70 area proved to be sticky, and it is doing the same on the way back up.
It will be interesting to see how quickly traders look past the Q3 data as so far Q4 data suggests the recovery may be faltering already.
Central bank sales were rumored earlier on strength; We’ve yet to hear whispers of fresh selling, but we have our ears to the ground…
UPDATE: The BIS is still selling above 1.4860, we’re told…