Not quite sure what it is, but this is not good.
There's no news on the wire that I can find that accounts for that move, but it is coming toward the end of the European session into a weekend.
One has to wonder if the "euphoric" response to the so-called (bogus) "stress tests" is wearing off, whether the creeping-higher CDS spreads on European nations have finally woken people up, or whether, just perhaps, there's a nasty little - or not-so-little - surprise that is going to be served up on someone over the weekend.
Right now, as I write this, our markets look reasonably stable. But FX moves like this, when there is no news story on the wire, are rarely "no big deal" - instead, they typically indicate that something is going on and you're just not privvy to what it is - yet.
Extreme caution advised.
