The dollar initially gained after soft Chinese data with EUR/USD falling from $1.32 to $1.3175 by the London open. There was an identical move lower in cable (GBP/USD) where the pair fell from $1.5960 to $1.5940. The moves were hardly excessive and probably reflect the fact that we are at the end of the week as well as the dearth of important releases today.
Eurozone bond markets will be closely watched today. Spanish 10-year yields spent most of yesterday trading at 5.82% before rising through 5.85% in early trading this morning. Yields have since been squeezed lower with the market fearing a return of ECB bond purchases. Yesterday’s Italian debt auction saw the government pull some of the bonds on offer on the grounds that the interest rate demanded by the market was too high. That could be interpreted as a coded demand for ECB action
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