Yesterday was a buying day for the dollar so today looks like it has to be a selling day…
No rhyme, no reason other than intraday positioning. The market got itself good and short yesterday and is probably getting itself a bit long today, given the medium-term trend.
EUR/USD rallied as high as 1.3889 and now trades at 1.3875, the 50% retracement of the early-week drop.
UPDATE: Just getting word of GBP sales from a Mid-Eastern central banks…