EURUSD just traded under1.2150, down over 130 pips on the day. The question is - will wee see the ubiquitous rip-roaring reversion rally into the European close again? Rather notably this is as big a liquidity/break-up premium to its swap-spread-implied fair-value as we have seen since the peak of the crisis in mid November last year!
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and the premium to swap-spread-based fair indicates a great a concern over break up as we have seen since the peak of the crisis last fall...
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Chart: Bloomberg