I think they’re getting the message, well sorta.
Periphery/German 10 year govt bond yield spreads have continued to narrow this morning
- Portuguese/German 421 bps
- Irish/German 638 bps
- Italian/German 148 bps
- Greek/German 923 bps
EUR/USD back up to where we started, presently at 1.3945.
We’re seeing choppy trade in USD/JPY. ACB buying in 81.80/85 area ellicited some recovery, but we’ve seen renewed selling on move back above 82.00. We’re presently back down at 81.80.
Order flow info, not surprisingly given overnight volatility, is thin on the ground. Talk of buy orders clustered around 81.20/40, sell orders up at 82.40/55, with trailing buy stops through 82.60.
EUR/USD has recovered its’ poise in wake of BIS buying down around 1.3910. We’re presently at 1.3932.
I’d hazard a guess trailing sell stops not far below 1.3900 now, but haven’t got direct confirmation of such as yet.
FRANCE DATA: Bank of France survey shows February real sa retail sales
up 0.6% on the month and 1.9% higher on the year.
USD/JPY has slipped back below 82.00, presently at 81.82. As I mentioned to asdf earlier; despite additional Japanese QE it would be surprising if we didn’t see bouts of yen strength on continuing repatriation/insurance payment related flows.
JUst hearing that an Asian sovereign has stepped in buying the pairing in the 81.80/85 area slowing the descent a little.
We’re presently at 1.3910, just above session low 1.3907.
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