I’m not sure of the exact levels but the weight of bids towards .7750 and the weight of offers towards .7850 suggest that this is indeed a quick 100 pip play by one of the bigger players. All of the bigger interbank players were reporting similar order books yesterday.
One source tells me that this rolls off later today at NY cut.
Elsewhere on the order front, the same big European corporate was buying AUD/USD yesterday near .7770.
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