Global FX and EM: Seeking themes with a shelf-life

• Recent news of a fiscal U turn in Germany has been a game changer, with a proposal for a large infrastructure fund and increased defense spending
• This shift in European fiscal policy has led to a more constructive view on the Euro dollar, with potential for it to reach 112 to 114 area
• Regional investment focus on cheap high beta candidates within the euro bloc, with potential for the broad dollar to be biased to the downside due to US exceptionalism fading and European growth stepping up

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