The break back above 1.2970 puts in a near-term bottom in EUR/USD and buyers will be lined up around that level to cover shorts on dips. Small stops are seen above 1.3005 with larger above 1.3020, bankers report.
Trade figures are out shortly from the US, but are rarely a market mover.
Yields on Spanish bonos are shade lower this morning, at 5.50% , down 8 bp on the day.
