Tuesday, January 11, 2011

Portuguese spreads narrow further Tuesday (ForexLive)

Written by Jamie Coleman
January 11, 2011 at 13:50 GMT 
We peaked at 426 bp on Friday and have dipped to 402 bp this morning after Japan offered to buy European bonds and the ECB stepped into the secondary market.
1-11 spreadEUR/USD has been supported by the stalling momentum for an immediate Portuguese bailout.
They are far from out of the woods yet, but a two-way market has been reestablished in EUR/USD after the market got very one-sided late last week and to open this week.
Stops are situated above 1.3000 and may move very tempting if topside momentum can be regained.

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