The central banks have the market bottled up once again, selling rallies and buying dips in EUR/USD. The BIS was spotted selling in the 1.46-teens and 20s earlier and they were buying them back in the 1.4560s. Nice work, if you can get it.
The BIS is also rumored buying Cable on dips. As expected, the market made a run to trigger stops below 1.6450 before rebounding. The rally has been unspectacular so far, with cable now at 1.6463.