Should the crosses drag EUR/USD lower as the session wears on, dealers report buying interest from Asian sovereign names in the 1.2625 and 1.2600 areas. Unfortunately for them, these same names were buyers earlier today around the 1.2750/1.2770 level. Take heart, even the big boys get it wrong…
EUR/USD trades quietly at 1.2670, weighed down by the macro-risk aversion trade which is hitting stocks, metals and oil as well.