11.25.2021

Managers we meet with here are bearish EUR.

The common denominator we hear is the growth differentials between the EU and their main trading counterparties (US and ASIA)

They are reluctant of monetary policies but understand the tough predicament the ECB is in.

Many have very little confidence on the ECB leaderhsip.

We are meeting with Asset Managers, Hedge Funds and Private Investors (family offices).

There is palpable negativity.

We have 3 more meetings today, will have more insight later.