Some good size moves here ahead of the US stock market open. European stocks are also picking up.
The catalyst has been a rally in Italian bonds. The spread over Germans has tightened by 40 bps on the day to below +480. The 10-year Italian benchmark is trading at 6.61% after hitting 7.04% early in Europe.
Aside from EUR, the pound and AUD are getting a strong lift from this.
