The US 10-year note yield is at 1.90%, in an area that usually denotes risk-averse markets.
Meanwhile, EUR/USD is above 1.34 and AUD is on a 1.07-handle. Not very risk averse levels, given recent history.
Perhaps the shockingly weak US durable goods orders are telling us the bond market is right and EUR/USD is toppish.
Or conversely, it could be telling us that the bond market is wrong. It seems as if something has to give…
EUR/USD is range-bound in the 1.3440, capped intraday in the 1.3460 area.
