The US dollar is broadly soft today but the euro and pound are particularly strong. I’m a bit wary of price action this late in the month and without a clear catalyst. German yields have risen 9.5 bps today compared to 5.7 bps in the US so there’s some spread support but that’s thin pickings.

Europe continues to face down a potential disaster with Russia natural gas imports severely curbed and a portion of US LNG exports offline.