EURUSD 10 mins
The US dollar is coming under some pressure early in New York trading as Treasuries find a bid again. EUR/USD is up to 1.0960 from a low of 1.0934.
The catalyst is yet-another bid in bonds that’s pushed 10-year Treasury yields lower by 4.7 bps to 3.87%. That’s a fresh low since July and highlights the relentless bid for bonds, including ahead of today’s 20-year sale.
Along with the rising euro, the pound is finding some bids now despite the surprisingly soft CPI number released earlier. It remains down 50 pips on the session but is 25 pips from the lows.
Looking ahead, there is data coming up on eurozone and US consumer sentiment that could offer clue on how strong spending will be through Christmas.