Sellers noted at 1.2510/20 on rebounds

EUR/USD has fallen and it can’t get up. Since breaking below 1.2520 support earlier today we’ve not been able to rally any higher than 1.2510.

Asian central banks are rumored buyers on weakness down around the 1.2470 level.

Spanish yields are a good bit higher this morning, back above 6.50%, up 19 bp to 6.54%, adding pressure on the euro.

Expect a Spanish bank downgrade from Moody’s later today, according to the wires.

EUR/USD trades at 1.2488.