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I am skeptical of value motion round quarter-end so I do not need to pile on right here but when I have been to pile on I might say:
Europe is an uninvestible sinkhole of financial progress that is extra involved with consolidating political energy round a United States of Europe and social/inexperienced funding than in successful any type of race. There may be virtually nothing taking place in that continent that is not being accomplished higher elsewhere.
Once more, I do not need to read-though the basics proper now. German bund yields are flat at present whereas US 10s are down 11 bps, so that ought to work within the euro’s favour. We may rapidly unwind this all subsequent week.
However on technicals alone, this weak bounce from the double backside at 1.0350 is not inspiring and it is a zone that should maintain or we might be speaking about parity briefly order.
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