Since January there has been a marked turnaround in the performance of various G10 currencies. The USD has fallen from grace and the fortunes of the EUR have turned.

More cracks have started to appear in the primary FIG space as more and more price sensitivity is present. Most of yesterday’s transactions saw more notable attrition.

We have had one or two signals to contend with over the past several weeks, not least the noise from Washington colliding head on with announcements here in Europe.