The Russian central bank sold over $10 billion of USD/RUB yesterday, as it sought to halt a run on Russian assets after Putin’s intervention in Crimea. A large portion of these USD were then bought back, primarily against the EUR but also against the Yen, in order to keep FX reserve ratios constant.

This kept a solid cap on EUR/USD throughout the European session and also provided plenty of support on dips for USD/JPY.