Looking at recent market developments through the lens of EUR/USD, Goldman Sachs sees three distinct phases, with US growth outturns versus expectations driving the bulk of price action. 3 Phases: Phase I – Positive US growth surprises: "Following the ECB QE announcement on Jan. 22, EUR/USD settled around 1.14 for 5 weeks. On Feb. 26, higher-than-expected core CPI (for Jan.) caused EUR/$ to fall two big figures to 1.12. Subsequent days brought data that showed decent activity, ending with better-than-expected February payrolls on Mar. 6 and EUR/$ near 1.08. The start of ECB QE on Mar. 9 and associated curve ... (full story)