From what I am reading and seeing I think country risks have been sacrificed in the search for yields.
More Quotes from Simon Derrick:
If you assume that the markets are effectively pricing in 2.75 percent rates by the end of the third quarter and have been doing that really since the end of last year, there is nothing that they are hearing from ECB members is really altering that perception.Simon Derrick
The big support that Fed rate increases had been giving the dollar is starting to wane and the minutes made that clear.
Simon Derrick
The key thing that's going on is about interest rates. It's still an interest-rate trade.
Simon Derrick
Bush will continue to keep the pressure up but China isn't going to bow to political pressure. People are paying attention to this, but it's not moving the currency markets and China's unlikely to move again anytime soon.
Simon Derrick
The market will therefore be eyeing today's ISM report and Friday's University of Michigan survey with this in mind.
Simon Derrick
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