What's with all the ask size showing on the Euro futures???

Quote from downrivertrader:

Sydney,
February 20: The EUR/USD is expected to remain sidelined today due to the US
holiday after a pretty whippy session on Friday. There is a story going around
that a "mis-trade" occurred on Friday afternoon with an entity looking to sell
Eurodollar futures and accidentally sold over a yard of EUR/USD on one of the
trading platforms. The "error" resulted in the EUR/USD sliding from 1.1930 to
1.1875 and straight back to 1.1930 when the error was realized and reversed.
The FX market has fully priced in the Fed hiking twice more to 5% and this has
left the USD vulnerable to any evidence that does not confirm that outlook. That
was the reason for stronger than usual "sell dollar" reaction to the weaker than
expected Univ of Mich survey on Friday. This week the key events will be the
FOMC Minutes on Tuesday, CPI on Wednesday and a number of Fed speakers Thursday
(Dallas Fed Pres Fischer) and Friday (Bernanke and St Louis Pres Poole). If
expectations of two more Fed hikes are dampened by any or all of the above
mentioned events, the EUR/USD should take out key resistance around 1.1950 and
make tracks towards 1.2020.
More...

intereseting - thanks. where did you get this from?

seems like a good explanation. 30k size isnt unusual for eurodollar. must have been a nwbie clerk or something entering the orders - 'sell me 30k euro/dollar' lol!! DOH!!

it would be interesting to see how the spot market reacted.
 
Quote from FredBloggs:

it would be interesting to see how the spot market reacted.
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I watched it in real time since the down to 1.1875
Then there were two ordinary attempts for 1.19(10) break.
The last attempt was very volatile and picked the euro up to 1.1920 in seconds.

It seems for sure someone wanted it to be closed daily above 1.1920 level.
 
The move lower then higher in the EUR on Friday am was the result of an inexperienced clerk who recieved an order to sell - 100k in the Euro dollars ( read interest rate products) and by mistake sold a large amount of EUR currency instead. Roughly 1 hour into the selling the mostake was discovered and the position was liquidated at the market causing a rally top levels higher than the average of the sales. This alone was the reason for the erratic price action and increase in volume from 90k to 205k in about an hour. Ask me how I know. Anyone who thinks 1 individual was trying to manipulate the market (in the futures arena especuially ) with over 2.3 yards ( read billions ) of EUR should not be trading FX as this is out of the realm of possibility unless WWIII starts on EUropean soil.
 
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