EUR/USD sits at 1.2868, a mere 10 pips firmer than when I first sat down around two and a half hours ago.
US treasury yields slumped once it became clear Obama was to be re-elected, helping pressure the greenback.
However this rally in treasuries (lower yields) has reversed somewhat and dollar selling has slowed.
The benchmark 10 year yield sat at 1.6876% when I first arrived, from a North American close Tuesday up around 1.7489%, but has since rebounded to 1.7138% at writing.
Tricky market if you ask me, with little strong conviction seemingly evident.
Talk of buy orders clustered 1.2820/30 (200 dma 1.2827), sell orders clustered 1.2880/00, buy stops above. There is also some talk of stops through 1.2885, but they are thought to be relatively light.
