Italian yields have spiked about 20 bp this morning, helping pressure EUR/USD.
The news that the IMF will be making quarterly visits to Rome to oversee the budget process apparently has not calmed investors. Perhaps it signals how bad the problem is…
Also undermining the euro is the lousy reception the EFSF is getting among G20 participants. Hard to lever-up if no one wants to play.
EUR/USD is consolidating in the mid 1.3760s.
