The euro has slowly slipped to flat on the day after reaching a one month high vs the US$ earlier this morning in response to the widening out in Greece 5 yr CDS which is now at a 1 yr high. Greece 10 yr bond yields rose 22 bps today to 5.86%, just 10 bps from the highest since March ’09. Earlier this morning Moody’s had some cautious comments on both Greece and Portugal. Also, the move comes on the heels of visits by Euro zone officials and the IMF to Greece to inspect and assist in the country’s response to their debt and deficit problems. I highlight this because sovereign debt issues will be an ongoing theme in 2010.
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