Following the Greek and French elections last weekend, the mighty buck has found itself in firmer territory against the single unit and the crosses. Investors happen to appear more bullish on JPY and GBP and most bearish on the antipodean currencies. The overall market bearish view looks like supporting the traditional low-yielding safe heaven currencies. This is certainly being backed by the negative April surprises on Euro area growth data. The bears conundrum is why has the single unit held up so well in Q1 and so far in Q2? In truth, despite the sizable LTRO program, looking at the spread differentials they have ... (full story)