Apparently a U.S. bank has come out suggesting there may be up to 16 yards of EUR/USD to be sold to convert USD/CNY positions into a basket trade. I haven’t seen piece so have no details. Take it for what you will, but much talk in market.
Guess that helps partly explain swoon in EUR/USD. Stops were earlier tripped through 1.2275 taking us as low as 1.2266, presently at 1.2278.