Heavy intervention earlier today to support the rouble has prompted Russian accounts to sell EUR/USD to central bank’s reserve mix in balance. The same has been rumored from South Korea today. Throw in liquidation by a US asset manager and you have a bad hair day for the euro.
Perhaps the weakness of the rouble has something to do with this factoid from the NY Tines:
As much as $25 billion in foreign capital may have left Russia since the Georgia conflict started, they said: while their growth forecasts were little changed at 7.5 percent, the crisis sharply cut the liquidity of the banking system.
1.4365 support has given way and prices have fallen as low as 1.4325 so far. 1.4310 is next support.