Adam posted this yesterday and again highlighted the correlation between spreads and the unwinding of USD in hedge positions
There has been a 19 basis point drop since April 28 and the 10-year March low spread of 164bp is now under threat with Feb lows of 160bp a key area and Jan lows of 131bp
EURUSD currently on session highs at 1.1256
EURGBP still bid at 0.7386 but good res/offers at 0.7400 capping further moves again
EURJPY on session highs of 134.82 providing a bid on the dip in USDJPY at 119.70
