EURUSD remains bid on every dip but has been more choppy this week as the world realizes the implications of desperate repatriation [5] (see failed ECB sterilization [6]). Spanish stocks bucked the trend this week and are down 2% - more than double the losses of the rest of Europe's stocks. European sovereign bonds are bleeding gently higher in yield and spread (Spain/Italy +10bps or so). Just as we saw in the US, it appears today's under-the-surface anxiety (that very few in the mainstream comprehend) has led to a bid for protection as Europe's VIX has jumped 2.5 vols to 20.75% - its highest in 6 weeks.
[7]
Europe's VIX is sending some signals that iot appears investors are choosing to ignore...
[8]
and what happened the last time the ECB failed to sterilize its bond purchase accruals?
[9]
But apart from that - Europe is all fixed...
Charts: Bloomberg