The Euro’s surge last week following Lagarde’s comments helped MM’s underwater position in our Global Macro ETF Portfolio buts its clearly not out of the woods just yet. However our view that it cannot just be the US who start raising interest rates if inflation doesn’t prove transitory now looks on point and the relative strength of the greenback over the last 12-months is looking over cooked i.e. Europe’s many years of negative yielding debt is running on borrowed time which is very supportive of the Euro.
MM’s remains long & bullish the Euro
