Dealers report that the "usual suspects" - Asian central banks, smaller European central banks, and East European central banks were all on the bid in the 1.2750s, whereas US investment bank names featured on the offer down there.
Range trading seems to be the mantra of the day, with interbank traders on the bid in the 50s themselves, and lobbing them out around current levels (1.2780) and looking to repeat (preferring to play from the long side). Intra-day traders are paring back positions ahead of U Mich, after which they expect to start the process all over again.
Spot traders did note that the Euro is being supported on dips by momentum accounts legging into EUR/JPY, which touched the day's high of 151.37 around the US data release.
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