Keep the Change

As expected, the tight correlation between European interbank funding rates and the EURUSD FX rate continues: today, we have seen the first inflection point in both 3M Euribor and 3M EUR Libor, as both have dropped marginally lower, the first from 0.899 to 0.896, the second from 0.83344% to 0.8325%: this is the first decline since . . . → Read More: Drop In Euribor And EUR Libor Causes Sharp Drop In Euro As Funding-FX Correlation Persists