Yields are lower to kick start the session
Italian 10-year yields are down 5 bps while German 10-year yields are down 3 bps as we get things going, as European investors keep the calm after the selloff last week.
The mood was already helped by some respite seen on Friday as the 'invisible hand' is believed to be at play i.e. the ECB taking a step beyond verbal intervention.
Central bank credibility is at stake but they are put between a rock and a hard place, so we'll see how that plays out this week with plenty of Fedspeak on the agenda as well.
