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7 Mar 2013
Forex: EUR/USD at highs after good bond auctions in Spain and France
Investors are cheering the good bond auction results in Spain and France, but the EUR/USD stalled below 1.3045. The market trades at its highs ahead of German factory orders. More importantly, the ECB monetary policy decision and press conference are due at 12:45 GMT and 13:30 GMT, respectively.
The 10-year Letras narrowed its yields, from 5.202% to 4.917%, in today's €2.435B bond auction. Spain also sold €569M of 3-year debt (from 2.713% to 2.632%) and €2.026B of 5-year debt (from 4.123% to 3.572%). France sold €7B of 10-year debt at 2.1% yield, lower than the previous auction (2.3%).
"While rallies are contained by the accelerated downtrend at 1.3200, the market will remain directly offered. Initial support is 1.2885/76 – the 7th December low and 78.6% retracement", wrote Commerzbank analyst Karen Jones.
The 10-year Letras narrowed its yields, from 5.202% to 4.917%, in today's €2.435B bond auction. Spain also sold €569M of 3-year debt (from 2.713% to 2.632%) and €2.026B of 5-year debt (from 4.123% to 3.572%). France sold €7B of 10-year debt at 2.1% yield, lower than the previous auction (2.3%).
"While rallies are contained by the accelerated downtrend at 1.3200, the market will remain directly offered. Initial support is 1.2885/76 – the 7th December low and 78.6% retracement", wrote Commerzbank analyst Karen Jones.