Euro returned to the bottom of the major-currency ranking on Tuesday as renewed pressure on French government bonds partly reversed Monday’s relief. France’s 10-year yield rose 5.2bps to 4.955% while the German Bund yield fell 3.1bps to 3.339%, widening the OAT–Bund spread from around 153bps to 162bps. Spanish, British and US yields also declined, so the move was French-specific.
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