 This may sound like a Captain Obvious post now, but Europe’s pervasive risk ‘ON’ atmosphere was not so obvious last year when NFTRH began tracking the bottoming patterns on the monthly charts of PIIGS members Italy (EWI) and Spain (EWP). Here is the Spanish 10 year bond yield showing an utter lack of fear akin to our own US-centric lust for junk bonds and their diminished yields.
Source:Â Bloomberg
Here is the chart of EWP, now refined to a weekly view.
Here is gold as measured in Euros.
