But wait, there's more. "Reserve diversification" now being...

But wait, there's more. "Reserve diversification" now being touted as todays reason for strength.

IE bank of japan now has lots of US$, don't really want them, and buying EUR, GBP, AUD with them instead.

Apparently intervened to the tune of Y2Trillion = $23B US

Even a small percentage of that is a lot of EUR/GBP/AUD.

from reuters:
The break above yesterday"s 0.9396 high suggests the AUD/USD is set to resume trending higher or at least retest Tuesday"s 0.9457 high. Risk appetite remains relatively buoyant and giving the AUD support, but analyst say the real support is coming from potential reserve diversification by Asian central banks who have been intervening heavily this week.