Selloff in German bunds helping to underpin EUR/USD
The ebb and flow of the Bund trade is a force of nature in global markets. It's up 12 basis points to 0.66% today, virtually wiping out a recent slide in yields.
German 10-year yield
Coeure's indication the ECB would be frontloading bond purchases didn't appear in the data in May and that could mean substantial buying in the coming four weeks, which may drive yields back down.