The explosive rally in EUR/USD last month begs the question whether it was driven by a re-assessment of European growth prospects in light of progress on the EU recovery fund. The reason we mention this is that during the last major period of EUR/USD strength, in 2017, there was a positive re-assessment of Eurozone growth after the bloc survived the euro-sceptic challenge of both Dutch and French elections. That period of renewed Eurozone optimism sparked good international demand for Eurozone equities. At the time we were monitoring that investment switch using ETF fund flow data. One of the largest US-listed ETFs ... (full story)