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