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Breaking: German bund yields break the 1% barrier

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German bund yields have just broken above 1% - a psychological barrier for the markets. Saxo's Simon Fasdal says yields in other European bonds are also hitting year-to-date highs. At the same time the Euro is strengthening.

Fasdal says it's clear QE isn't working and the ECB seems absent from the market. At the very least he expects to see some verbal action from the central bank. He says it's reaching a critical situation.