When the peripheral finance ministers were working until the late hours yesterday, they must have envisioned some rewards from the bond market but it hasn’t happened today as benchmark 10-year notes are showing only the slightest improvement.
- Italian 10s down 3 bps to 5.43%
- Ireland 10s down 1 bps to 7.14%
- Spain 10s down 3 bps to 5.12%
- Portugal 10s down 3 bps to 12.4%
It’s difficult to make a case to buy EUR/USD at the moment, even with the market kicking back up to 1.3242.
