It was too good to be true. Until now, the lure of “almost free” liquidity has been too hard to turn down. To constantly have upbeat expectations for global growth, given the slew of data pointing to further slowing, including China, has been an expensive position to hold ever since the FOMC and Spain added their weight to global concerns earlier this week. For the EUR, Spain remains the immediate outlier. The single currency has little potential to rally considering the rising concerns over the country. The lack of demand for that country’s bonds, coupled with last weeks Euro M3 money supply report is leaving the ... (full story)