Flows dominating at the start of the month
The euro climbed above the earlier spike high of 1.0620. Eurozone data was on the strong side today and that sparked the bid in European trading.
German and Italian jobs data was better. Ryan outlined how the good numbers have given the anti-QE crowd some ammunition.
This could be the start of a bit of a squeeze ahead of the ECB on speculation that Draghi might disappoint.
The gain in the euro is impressive, even as German yields continue to fall. Bunds just touched a record low at -0.422%.
