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The OMT was ruled to be in line with the EU Treaty, as long as some conditions are met. The main points were that the OMT was deemed necessary and proportionate given the ECB won’t be taking risks that leave it vulnerable to insolvency. Many analysts feel this paves the way for QE with growing calls for sovereign bond purchases to be announced next week. While bonds have been enjoying some buying interest with yields dropping in anticipation of buying, the euro is still seeing weakness. EUR/USD traded to a low of $1.1728 yesterday and while support in that region continues to hold, it is likely to be tested again in the near term.