[EUR/USD]

[EUR/USD] earlier surging to 1.3727 on the back of a large fix order timed for 8.00GMT and now settling back to current 1.3685 in clearly illiquid conditions. There is also some thinking that an East European CB is a buyer with the same sovereign actively buying Usd's against its local currency, but then required to balance reserves. Thursday saw trade modestly higher (1.3739) and so this the obvious marker for bulls hoping for a further acceleration to the upside.