Narrower spreads in Portugal and Spain (and everywhere else) is the driving force today, once again. EUR/USD reached 1.3210 ,moments ago, as a result.
We still have a busy morning ahead. Trichet holds his press conference at 13:30. The US announces jobless claims (405k), PPI (0.8/0.2% core) and trade data for November $40.5 exp).
China has been taking profits into strength, as they have been since around 1.3125…
1.3170 and 1.3140 are support levels on dips near-term. 1.3300 is trendline resistance if the rally gets crazy…
Here are the changes in spreads on the day…
