Not a great look for Italian debt
Italian yields are blowing out today and are now up 13 basis points to 3.68% which is within striking distance of the October high of 3.71%.
Given the drop in German yields, the 10-year spread is now at the widest since early 2013. We're not exactly at crisis levels here but the trend is disturbing.
Until that stabilizes, it's tough to own the euro although it's impressive have the euro has shrugged it off lately.
