Trading through the European day was surprisingly quiet given Fed Chairman Bernanke’s big speech on Wednesday night. There was limited follow-through in EUR/USD or rates as first European and then US investors joined the day.
The USD took a hit overnight, but EUR/USD had eased back under the 1.31 level by the start of the European day and then spent most of the session fluctuating either side of the 1.3050 level. USD/ JPY spent the session either side of 99. The US 10-year Treasury yield spent the day in a tight 2.56-2.60% range significantly off its pre-Bernanke speech 2.68% level.
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Commonwealth Bank