US-German Bond Spread Surges To Highest Since 1999

The spread between German and US sovereign bond yields is the widest since the start of the EU in 1999...

 

But EURUSD appears to have decoupled (just as it did in 2009 and 2013)...

 

So which market is 'wrong' - Bonds signaling EURUSD below par... or FX markets signaling a Bund crash is imminent?