The spike in yields in my view has been over stretched, and could turn around very soon. The markets may be over-reacting to the idea of euro area exiting deflationary environment and more optimistic about going back higher as economy grows. However as the ECB continues to conduct its program, yields will probably hold near current levels and retreat back lower with time.. This might be a great opportunity to long the pullback in European equities and short the EURUSD and EURGBP .
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