EUR/USD: Macro fund sold heavily above 1.2980 causing domino-effect selling
One of the bigger macro funds hit all of the major electronic platforms at once, causing the steep fall in EUR/USD earlier. The amounts were large, but not enormous, suggesting that there was a sort of domino effect into some of the crosses and causing the steep 70 pip fall in EUR/USD.
Funny how sometimes liquidity is unlimited yet at other times a ‘normal’ market amount can cause big moves. These are certainly unpleasant markets to be trading in.