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EUR Bought as ECB Reportedly See No Need to Take Action on Yields

FOREX
  • A spell of EUR/USD buying followed a Bloomberg sources report on the ECB, stating that the ECB see no need to take drastic action to curb bond yields at this stage. EUR/USD rose in response, rising to 1.2113 before fading.
  • JPY is again the weakest in G10, but USD/JPY is yet to top yesterday's high - a requirement to keep the current bullish sequence of higher highs in tact.
  • Equities are rangebound, with the e-mini S&P still below Tuesday's best levels, although a sizeable rally in US bond yields ahead of the open today will be eyed headed into the NY crossover. The US 10y yield is just shy of the Tuesday's highs of 1.451%.
  • Focus turns to the UK Budget, due to be presented to the Commons at around 1230GMT/0730ET, as well as US ADP Employment Change and the ISM services index for February.
  • Central bank speak should once again take focus, with de Cos, Panetta, de Guindos and Schnabel of the ECB, Harker, Bostic and Evans of the Fed and BoE's Tenreyro all scheduled to speak.
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