The recent volcanic situation will be reducing travel in the near future. Loads in May and thereafter seem quite low. This will be a blow to airlines.
That being said, some airlines have been very agressive in pricing the premium cabins, but AF is lagging.
let me take an example dear to my heart. While airline still have some backlog of coach pax, premium pax have been sent home and the premium cabins are very empty of premium revenue pax. CX ex-HKG is now offering its lowest discount fares in Biz and F starting Sat 24 (and all subsequent days). AF has currently few premium revenue pax and tons of seats available in P and J, but keeps only offering its highest fares (mostly P and J). They wont attract pax with their high P and J fares when you can get a much better product on CX at half the price. And HKG is CX home base, where they hesitate discounting and usually offer much higher fares than AF.
Airlines make money with premium pax, and I will have no sorrow if AF finds yet another way to lose money to the competition. But so weird, so unreactive.