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EUR/USD holding rebound above 1.0800 as IFO awaits
The rebound in the EUR/USD yesterday saw the Euro push above the 1.0800 handle, but there is no doubt the gains were hard fought, but less so once it got above that level. The recovery from an earlier session low at 1.0771 saw it later reach a high at 1.0830 just ahead of the US close. The Euro closed in the US at 1.0828. The reason why the Euro is mostly holding the majority of that rebound this morning seems to stem from another drop back in US yields this morning. The US 10 year yield has dropped to 4.17%, after another failed attempt yesterday to push back above 4.25%. So, the EUR/USD has held a very tight range so far today, covered by 1.0820 to 1.0829. It is currently trading at 1.0824 as it awaits the latest German IFO index this morning, due to be released at 8am GMT. There will be more to add on that before that data hits the screens
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