eFXdata reports that Nordea Research flags a scope for ECB rhetorical intervention if EUR/USD continues to rise above 1.20 over the coming weeks.

"The ECB is by the way probably not ready to accept >1.20 levels without a battle either. They managed to temporarily temper the EUR/USD momentum in August and September 2017 when sources kept leaking stories to Reuters and Bloomberg every time 1.20 was breached.

"We are on alert of a similar rhetorical intervention from Frankfurt should the EUR/USD gain too fast again this autumn," Nordea notes.