30 year bond auction eyed
The EURUSD has backed off the highs at the 1.13757 level and currently trades at the 113.42 level. The 30 year bond auction results are awaited shortly after 1 PM ET. The last auction last month came in at 2.91% with a bid/cover of 2.3x. Yields are well below that level now (at 2.47%)
The market seems to have one eye on stocks. The S&P has been able to stay above the recent low at 1812 and trades at 1824 currently. The EURUSD has tended to rise on a fall and fall when the stocks rise.
Once again from a technical perspective, the pair moved above the underside of the broken trend line on the daily chart and tested an area of a number of swing highs. The price is back below those topside resistance levels now.
