Some traders suggested that investors who had sold the bonds short were scrambling to cover their positions.

"It might make great sense from their point of view," suggested the trader.

Surely the troubles do not end there, traders suggested.

Several traders suggested, however, that the latest intervention was not an effort to stop the fall of the dollar at this level.

But several traders suggested that prices would move higher in coming days.

"Your lands cannot be that small, then," suggested the trader.

"Tearing out his fingers would be a better bet," suggested the other trader.

I know my companions were, and I let them persuade me to turn as the trader had suggested.

However, some traders suggest this key technical level could be retested in the days ahead, much as it was on Monday.

Other traders are skeptical, however, and suggest that both countries will continue to overproduce.