Weakness in German unemployment data was shrugged off as JPY-carry provided the same post US-open lift that US stocks had to move European equities into the green on the day, breaking a 3-day losing streak. EURUSD is down 120 pips from the open of the EU session - its largest plunge in over 4 months as 1.32 looks set to be tested once again. European sovereign bonds traded in a narrow range but rallied modestly on the US open. Once again, it seems, it is all one trade for now...
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The US open has been the catalyst for exuberance in Europe...
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Charts: Bloomberg