Forex: EUR/USD declines off 1.2957 morning high (Barcelona) - EUR/USD climbed this morning, spiking into the European open before loosing momentum and declining back to find support at 1.2930.

Despite the relatively defined moves so far this morning, with headline BoE and ECB Rate Decisions ahead, price action feels quite lacking of momentum so far. The French 10 year Bond Auction has come in with yields rising from 2.21% to 2.28% whilst Spain has sold €3.992bln of 2, 3 and 5 year debt with yields falling in the 2 and 5 year bonds but rising in the 3.

Until the BoE decision later this morning at 11;00 GMT, the economic calendar is free. Forex Ticket analysts see the pair ranging between 1.2970 and 1.2835 with additional support and resistance at 1.3010 and 1.2805.

European stocks are firmly in the red this morning with The DAX down 0.32% whilst commodities have taken a different path and are generally mixed to higher with Gold up 0.45%. Critical Spanish and Italian yields are up and down 1.36% and 0.12% respectively.

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