Forget about the crisis in Portugal, the euro is on the comeback trail as it rips through offers at 1.3000. Next layer of sellers at 1.3020/25.
Portuguese 10-year yields have also made an impressive comeback and are at 7.44% from a high of 8.10%.
There has been a bid underpinning the euro and pound throughout the session and it’s turning into stampede as Europe heads toward the close. US trading could also go significantly more quiet in the coming hours. SIFMA called for an early bond market close today at 1900 GMT.
