EUR crosses getting hammered amid big flows in early European trade

EUR/JPY and EUR/GBP are leading the way today, following on from big EUR/AUD sales yesterday which came from the same macro funds. I’m afraid I don’t know what is exactly behind this selling but interestingly it seems to be mostly in the crosses rather than in EUR/USD itself.

I’m guessing that they are bailing out of existing long positions rather than establishing new ones, as we know for certain that most of the big macros were very long EUR/JPY.