• NY opened near 1.1420 after EUR/USD moved downward in Asia & Europe's morning

• The pair hit 1.1406 in early NY trading but buyers emerged & a rally followed

• US PPI downside surprise sank the USD and US yields

• US-DE spreads tightened; gold, equities gained & USD/CNH fell

• EUR/USD rallied above Tuesday's high, broke the trend line off the May 11 high

• 1.1475 traded in NY's afternoon, EUR/UD was up +0.48% late in the day

• Rising daily, monthly RSIs & pair's hold above the 10- & 21-DMAs are bullish signs
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)