German consumer sentiment -25.7 in May - better not good

Series averaged +9-10 before COVID-19, deeply negative since

EUR/USD traders are heavily long and rally has faltered this year

Trade basically confined to the top 500 points of rough 0.95-1.10 rise

Roughly one third of the $22 billion long position was added this year

Those long may need a big improvement in eurozone economy to spark a rise

A U.S. slump may not necessarily hit USD, it may spur risk aversion

Under risk averse conditions traders more likely to pare risk, take profit