German IFO data weaker and yields fall
The German IFO data was weaker earlier and that has helped to put the pressure on the benchmark 10 year yield.
The yield is peeking below the 0.0% line now and in the process is testing the 50% at 0.004% and the 200 hour MA at 0.000%..Key technical level (and psychological level for the market).
The EURUSD is trading a little lower and tests the 1.1200 level currently. The low from yesterday reached 1.11916. Below that is the April and YTD low at 1.11832. The corrective high off the low yesterday stalled near the 50% of the sharp move lower (at 1.1226). That helped to give the sellers/shorts more confidence that the trend lower was in tact.
