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Forex: EUR/USD back around 1.2900

FXstreet.com (Barcelona) - The single currency is trading back to the area of 1.2900 on Thursday after a failed attempt to break above 1.2920 on disappointing PMI figures from the euro area.
The well-received Spanish bond auctions did not help the euro either, despite lower yields and strong demand.

In the meantime, EU officials have extended their hopes of a positive outcome in Cyprus over the weekend, against the backdrop of the increasing uncertainty. Recall that local banks are expected to re-open doors on Tuesday. In addition, an interesting poll results showed that nearly 70% of Cypriots would be willing to leave the euro.

The cross is now losing 0.31% at 1.2903 with the immediate support at 1.2878 (MA200d0 ahead of 1.2865 (Lower Bollinger) and finally 1.2844 (low Mar.19).
On the flip side, a surpass of 1.2979 (high Mar.20) would clear the way to 1.3032 (MA21d) and then 1.3128 (MA100d).

Spain sees yields drop at auction

Spain sold 4.513 billion euros of bonds on Thursday, beating the targeted 3-4 billion and cutting its borrowing costs on 10-year, 5-year and 2-year paper.
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Good morning, how do you do? This mornings institutional research has a strong UK focus, as the aftereffects of the UK budget have been absorbed overnight. The shift in mandate for the BoE has come under focus, while in Europe, Cypriot events remain in key focus, but for now at least, the appetite for relentless coverage looks to have damped for now.
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