EUR-USD fell for a second consecutive day in extending quite sharply to a one-week low at 1.1160, well off Friday's three-month high at 1.1466. A much weaker than expected German ZEW survey, which dove to 41.9 from 53.3 was a euro selling cue for the market. This follows Draghi and others at the ECB in recent days stressing that the QE program will be fully implemented. Bund yields dipped and the dollar recovered more than 10 bp of its yield advantage at the 10-year T-note versus Bund comparison, widening to the 163 bp area today. EUR-JPY and other euro crosses are also sharply down.
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