The last two sessions, we’ve seen significant short-covering rallies which ended just minutes before the 16:00 GMT fixings. I can’s say why for sure, but it suggests a bit of caution is necessary from shortly after the 15:00 data until the fixing is out of the way. If you can avoid getting caught in that daily rally, life is pretty sweet for EUR/USD shorts…
We’ve slipped 60 pips from NY session highs and now trade at 1.3479.