I wonder if the move in FX in general isn't signaling that inflation isn't going to be a big trading theme and that these moves are a one-off. Yields are up 10 bps but haven't extended either and the main trading themes remain AI, tariffs and tax cuts in the US.
Aside from that, the particular euro strength is notable. Eurozone economic data remains in the dumpster but stock markets there have been recovering despite a fresh energy crisis. Europe is supremely hated by just above everyone and when we see price action like today it looks like there is no one left to sell.
This article was written by Adam Button at www.forexlive.com. Read More Details
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