The European Union's recovery fund proposal has been dubbed the 'Make Europe Great Again' fiscal spending package by analysts at BofA, who said that it was the best shot at ending the region's equity bear market and reversing the U.S. dollar's rally.
FILE PHOTO: A two Euro coin is pictured next to an English ten Pound note in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration
BofA said the “Make America Great Again” policy pushed by U.S. President Donald Trump to boost the American economy had supported the dollar until now, and “Make Europe Great Again”, or “MEGA”, is now likely to help the euro. The news triggered a rally in the euro, in European equities and in southern European bonds. The euroBofA’s weekly analysis of fund flow data flagged up a $12.8 billion move into investment grade credit funds and $6.9 billion flows into high-yield credit.
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