The euro continues to ebb and flow in sympathy with the ebb and flow of Greek exit concerns, rising in the latest phase on news that Athens has revamped its negotiating team. The dollar's yield advantage over the euro has also narrowed, albeit moderately, over the last couple of trading days, shrinking to the 175-76 bp area from around 180 bp at the 10-year T-note over Bund comparison. EUR-USD logged a three-week high at 1.0926 yesterday, breaching the 50-day moving average on route, which is currently sitting at 1.0887.
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