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Forex: German yields rising further

After the strong moves seen overnight on both the yen and Aussie, the euro is also gaining against the dollar. This is more driving by the yield story, with another push higher being seen and the benchmark German 10 year now above the 1.00% level. Recall that mid-April this was near to zero, so this is a fairly dramatic move we have seen. Greece is once again pushing for attention, but market now pretty much immune to this, having heard it all before. Latest impression is that Greece is conceding nothing, expecting lenders to blink at the 11th hour… Looks like a high risk strategy. Next upside focus for EURUSD is 1.1467 level.

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