EUR/USD is in the upper reaches of a quiet 1.4070/85 range as the afternoon grinds on. Rebounding oil prices, 2% intraday rallies in stocks and easier US interest rates are helping support the single currency.
USD/JPY is easing, now in the low 95.60s. Again, softer US rates are the culprit. The benchmark US 10-year note is 9 bp lower in the wake of the well-received 7-year note auction. Don’t say you weren’t warned!
Stops from intraday players are eyed in the 95.35 area, traders report, with bids ahead of them in the 95.40/50 region.