A couple of times in 2021 we have drawn the comparison between the EURO and its correlation to sectors MM would prefer to be overweight, current levels are suggesting it’s time to switch to resources from tech, a scenario that’s been slowly playing out if we conveniently ignore the iron ore names. We see no reason to be fighting this indicator but we don’t expect the likes of Fortescue (FMG) to enjoy any more than a healthy bounce.
MM is bullish the Euro into 2022
