J.P.Morgan note that "agreement on......>

EURO-DOLLAR: J.P.Morgan note that "agreement on the EU recovery fund, as and

when it happens, is bound to heighten investor focus on the European valuation

trade. But the key to unlocking the undoubted value in Europe resides with the

ability of the region's economy to make up lost ground. Notwithstanding

structural factors that have flattered US assets (the dominance of US equities

in tech), 60% of the outperformance of US equities and 40% of the trend decline

in EUR/USD over the past decade can be attributed to the underperformance of the

Euro area economy. We caution that investors appear to have been unsuccessfully

front-running this theme for a number of years already now."