The ECB is testing market participants with its PEPP purchases. The Governing Council does not intend to use the PEPP purchases in full, so is this a test run? The euro has been rallying since the start of April. It is up against the US dollar and the Japanese yen and remains bid on every pullback. Right from the start of April, the EUR/USD turned the page from bearish to bullish. Just like that, the market reversed course and rose from 1.17 to over 1.2150 in less than six weeks. Coincidence or not, it has a lot to do with what the European Central Bank (ECB) said and what it actually did. In hindsight, the ECB ... (full story)