The euro open in New York at 1.2481 (8:30 am) having rallied from the early European low of 1.2420. Softer than predicted euro-zone PMI data from Markit Economics had briefly stalled the recovery and the subsequent European high of 1.2478 was just below the NY open.
Early U.S. trading saw the euro bid higher reaching the day's top of 1.2507 just after the weaker than expected U.S. November manufacturing PMI from Markit , 54.8 vs. 55.0 at 9:45 am. But that was followed 15 minutes later by stronger than forecast manufacturing PMI from the Insititute for Supply Management, 58.7 vs. 58.0, and the euro reversed to 1.2469 over the next hour.
US Treasury yields initially headed lower, the 10-year touched 2.1509 percent early. The reversal began about 10:00 am and took the yield from 2.1544 to 2.2385 and lasted the remained of the trading session.
After the post-ISM low the euro reversed again and despite strengthening Treasury yields topped at 1.2503 just before 1:00 pm. After a brief flurry around 1.2500 the euro slowly coasted lower closing at 1.2470.
Overall the currency has been bound to its 1.2358-1.2600 November range. The ECB policy board meets on Thursday.