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Forex: EUR/USD muted after Spanish, French auctions

FXstreet.com (Barcelona) - The bloc currency remained apathetic after French 5-year bond yields printed a record low at 0.73%. Continuing with the Spanish debt markets, the negative trend in borrowing costs extended today, with 3y, 5y and 10y bonds yields printing 2.792%, 3.257% and 4.612% respectively.

Against the backdrop of the G20 meeting kicking in today, Currency Analyst Lee Hardman at BTMU, commented, “According to a Bloomberg report, the G20 statement will maintain the pledge from February to move more rapidly toward more market determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations to support global growth”.

At the moment, the pair is advancing 0.15% at 1.3052 with the next resistance at 1.3068 (MA10d) followed by 1.3108 (MA55d) and finally 1.3202 (high Apr.16).
On the flip side, a violation of 1.3001 (low Apr.17) would open the door to 1.2963 (low Apr.8) en route to 1.2959 (MA21d).

Forex: USD/JPY capped at Friday’s close at 98.37

The USD/JPY has been trading rangebound, with a low at 97.64 and a high at 98.36 during the Asian session, but as the European shift unfolds, the market seems to be more inclined to the upside and to retrace this week’s losses. As of writing, the pair is quoting at 98.20 (+0.08% on the day) and looking to retest the current daily high and Friday’s close at 98.37.
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Spanish yields decline at debt auction

The Spanish Tesoro Público held a debt auction on Thursday during which it sold a total of 4.71 billion euro worth of 3-, 5- and 10-year bonds, exceeding the maximum target of 3.5-3.5 billion euros.
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