Monday, October 24, 2011
EURUSD Soars To 1.39 As French-Bund, EFSF Spreads Surge To New All Time Highs
Uh, what is going on? Are French banks selling everything USD-denominated, promptly dumping the USD proceeds, and converting everything into Euros? Someone clearly knows something and is not happy with France, and hence EFSF spreads, as both the OAT-Bund and EFSF spreads have just surged to new records... but it sure isn't the ES which, oblivious as always, just trades with 1.000 correlation to the EURUSD which continues to telegraph precisely the opposite of what most believe. Oh
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