Greek CDS Are Skyrocketing, But Here's Why The Euro Isn't Getting Slammed

The news that Austria wants to withhold its bailout payments to Greece is making the country’s sovereign CDS surge, according to MarkIt.

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But the euro isn’t budging at all this morning. What’s up?

Well we explained it last night. There’s just no evidence that the euro is moving at all on PIIGS issues. It’s dollar strength that gives the illusion of euro weakness, and the easiest way to show this is by looking at the euro against the yen, which hasn’t fallen by that much.

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