EUR/USD rallies continue to sputter at the 1.2750 level. The BIS was the rumored seller early in the session and it looks as though they are still there.
Late last week we saw very heavy sales of EUR/USD by Latin American central banks around similar levels; I’m wondering whether they are the one’s dumping EUR/USD into strength, cutting reserve they built up over the last several years when the dollar looked like a one-way bet. Now it is the euro that looks ticket for the never-ending southbound train.