The Chancellor's Party Took 4.9% and the Euro Did Nothing. The Bund Moved.
The CDU took 4.9% in Mecklenburg-Vorpommern and the AfD 38.2%, and EUR/USD spent the Asian session between 1.1477 and 1.1485 — exactly the non-reaction we published three weeks ago.
But the two-year Bund moved five to six basis points to 3.28%. We were right about the euro and looking at the wrong screen.