As expected, the first rebound to the 1.3450 level ran into a round of fresh selling. No doubt the market got a chance to get itself long over the last 18 hours or so, especially on the pullback into the 1.3370s last night. Looks like some of those longs are content now to book profits on rallies.
Look for a period of consolidation between 1.3410 and 1.3450 near-term.
EUR/USD is at 1.3432, the US 10-yr note at 3.33%
