The European Central Bank is about to inject a lot of stimulus into Europe's ailing economy.
That may help, but past similar policies boosted stocks most notably.
Heightened risk appetite in a period of low volatility is certain to fuel carry trades, and a EUR/USD short is a very liquid but underutilised carry trade and should come under a great deal more pressure .
While the slowdown in Europe, especially Germany, is bad news there is no crisis like the 2015 debt crunch, when asset purchases were introduced.
Germany's DAX soared 56% after QE was extended in 2016, and it has huge potential to rise now.
The index is not far from its record peak, having rallied 10% in the last four weeks, and is 20% above its 2019 low.
A bullish stock market is about to get a huge bullish injection.
As the most liquid choice to fund any carry trade, the euro will suffer.
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