The euro remains out of fashion with fresh EURUSD & EURJPY just scored. Heavy looking EuroStoxx50 and soaring 10y SPA/GER (& ITA/GER) spread(s) is a burden to carry. No strong refs until 1.1975 are noted (despite a medium-term stretch)… 10y German Bund is also soon at a fresh (>145.97) high, with the cash yield targeting 1.05% +/-5bps once 1.16% is passed… USDJPY likely to take out a recent 77.65 low with the 10y JAP/US spread contracting further (on lower US yields)… EURSEK & EURNOK are both as stretched as they are offered. Pace may be moderated but any rebound into 8.4750 & 7.41\43 are likely to be sold into… EURPLN may have pinned a correctional low, but advance through overhead resistance refs (4.1890-4.2190 is needed to add credence to this thought. Case closed if back below 4.1550… Brent crude may re-check $103.50/10 before extending gains (towards $110.35\115.35)… SP500 may extend losses into support at 1347/30…
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SEB tech team