EUR/USD is being underpinned by narrowing interest rate differentials a touch. Bunds have sold off heavily again this morning (down about 2/3 of a point) while US notes are steady after the home sales disappointment.
Offers between 1.3460 and 70 have been absorbed but markets trade a bit long intraday after a healthy from the 1.3412 lows in Asia. Rebounding US equities are helping support carry trades and the EUR/USD leg of the equation in the process. EUR/USD trades at 1.3463 after reaching 1.3472 shortly after the data.
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