Key quotes

"We are bullish on EUR, GBP and JPY."

"Widening the peripheral spreads in Europe may prevent the ECB's normalization too quickly but we don’t believe it will completely blunt the EUR’s rise since the ECB is likely increase rates by 0% by March 2023."

"Positioning has changed meaningfully in the short-term, which presents a key risk to monitor, but we believe the more long-term theme fund flow reallocation should keep EUR on an upward trajectory over time."