EUR-USD cracked to a new 10-week high at 1.1392, subsequently settling around 1.1350. The move was driven by an acceleration in the narrowing of the U.S. T-note versus Bund spread, which dropped below 155 bp -- more than 10 bp narrower than a day ago, and over 20 bp lower than levels seen last week. This in turn was driven an ongoing surge in Bund yields, which climbed to 0.79%, having been at a record low of 0.05% just three weeks ago. USD-JPY slumped to the low-119s. Sterling is lower today against both the dollar and euro as UK election day dawns.
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