EURUSD

The flood of liquidity into the financial system does not change the strength ratios between the euro and the dollar. Indeed, from our point of view, they will allow a further appreciation of the dollar against the euroand will continue to strengthen against all major world currencies. The ECB does not make any "new decisions", allowing the Bundestag and the Karlsruhe self-application sentence to take regular action on August 5. This decision by the German court could be the cornerstone of the euro. The ECB would pass into French hands and the euro would split in two. One with Germany and northern countries and the other with France and southern countries.

As we say: USDollar it is becoming, in addition to being a safe haven, a so-called luxury good. Exactly like the USTreasury.

Comment:

“We want to see follow through and deep reforms to pensions, labour markets, judicial systems and taxation. We want to help others, but the others have to make sure they get their houses in order,” Mr Rutte told journalists after the virtual summit. on.ft.com/3dxiZf4
It seems that the Dutch have agreed to blow up the Recovery Fund.