EUR-USD rallied to a two-day peak of 1.1279, over a big figure up on Monday's New York closing level. The market is buying the 'encouraging progress' line from the Eurogroup yesterday, while the move has correlated with a renewed surge in Bund yields. The recent run of softish U.S. data has left the dollar with a substantially weakened narrative on the Fed's course to tightening. USD-JPY ebbed back below 120.00 after meeting a heavy wave of selling from above 120.25. A one-week high was left at 120.28. Sterling was the big mover today, spiking to fresh highs on UK production data.
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