After the strong bill auction, French 10 years have ticked to 3.03% from 3.05%. Before the downgrade rumors started on Friday, they traded at 3.01%. Of course, EUR/USD was 200-pips higher at the time.

It’s even more dramatic in Spain, where 10s opened at 5.30% and have fallen to 5.18%. The market to watch is Portugal, where 10-years are getting hammered, jumping to 13.89% from 12.45% on Friday.