This from UBS caught my eye and is a good summary of where the euro is at
- currency's underperformance remains remarkable
- we are still in an asset allocation world where mandated return objectives matter more than shifts in fundamentals. This is particularly true for the EUR, which emerges as the funder of choice on almost any carry-optimisation metric
- That may seem obvious but ignores positive European data surprises and imminent reserve diversification demand which should win out over time
