The big Sovereign players couldn’t get enough of the EUR when it was at 1.40 and now it looks like they can’t get out quick enough. The BIS has been a regular seller on behalf of other central banks, the SNB are quietly trying to offload what they bought at 1.40 and the Asian central banks who are intervening by selling USD/Asia and trying to rebalance their books by selling EUR/USD. Now China is revaluating its EUR bond holdings. Looks like there’s lots more downside in the EUR as the buyers are now almost non-existent.
Good luck today.
