EUR/USD is seemingly just following the periphery/German government bond yield spread at the moment.
Having widened out for a little while (EUR/USD down fleetingly under 1.3100) they’ve just been narrowing again. Result EUR/USD back up at 1.3123.
Italian/German 10 year govt bond yield spread down at 383 bps
Spanish/German 10 year govt bond yield spread down at 414 bps.