EUR/USD has been consolidating in the 1.2755/65 area in very quiet afternoon trade.
Comments from Atlanta Fed president Lockhart, one of the more centrist members of the Fed, that he is leaving the door open to the option of more QE helped undermine the dollar earlier this afternoon, as did talk of an accelerated European oil embargo against Iranian imports. Firmer oil prices tend to underpin oil.
Offers are staggered up to the 1.2785 level and again from 1.2800/10. Trailing stop-loss buy orders are clustered around 1.2825, traders say.