❗️EUR/USD Swap Spread Rises to Highest Since 2009: Cable FX Macro

• EUR 5y5y inflation forwards are set to rise for another week, this has led the spread of inflation expectations between the eurozone and the U.S. to the highest since 2009 at almost flat

• The EUR/USD rate has bounced off the lows seen in February but is failing to follow swaps spreads, the spread between inflation expectations and FX rates is widening this week