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European Safe-Haven Flows Drag Swiss 2Y Rates To 3-Month Lows
Despite Draghi's downbeat utterings and explanation that there is no 'Plan B', EURUSD managed to jerk higher as US macro data hit and markets opened. European stocks were banged lower after he raised downside risks for the EU economy as the hope fades from Barroso's idiotic comments yesterday. European bonds did snap wider but from a tighter base and end stll 10-15bps tighter on the week - though Portugal was battered wider. Swiss stocks are the worst performer on the week - which is odd - especially as 2Y Swiss rates plunge to -3.9bps - its lowest since mid-January as safe-haven flows surge once again. European financial stocks are now negative year-to-date, still playing catch down to European financial credit.
It's been an interesting 12 hours for the EUR as its BIS handlers are very evident...
with European financial stocks now red YTD!
As European stocks and bonds lost significant ground into the close today...
as Swiss 2Y rates push back to mid January lows...
Charts: Bloomberg
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What value!
SHORT OIL
LONG YEN
SHORT IYR/RWR
SHORT 10yrs Bonds
STRADDLES (L)
Long French CDS 2 and 5 yr.
Long Gold
Short Silver
BUT gold and silver down...hmmmmmm..me no understand kemosabe..
ECB days, just like FED days will NOT close down. Go back over the last 5 years and you will see this to be true. Market intervention, of course. The only question is by whom and how much.