The early London easing in both EUR/USD and AUD/USD appears to be over with both pairs making fresh intraday highs a few moments ago. Not sure what was the trigger but bond spreads between the peripherals and Germany are easing whilst Spain got away a good 3-yr auction a short time ago.
EUR/USD remains a little hesitant ahead of the ECB but above 1.21 and we could be off to the races.
