Investors have started to buy into the Euro-area case again slowly but surely, despite weak earnings and sub-50 manufacturing PMIs. For the first time since the #Euroboom of 2017, we see inflows to unhedged EUR ETFs again – a sign that foreigners are returning to the Euro-area case. This was also the conclusion from the December fund manager survey, which revealed a relative positioning back towards European equities. There are various reasons why we remain (much) more skeptical of a 2020 #Euroboom. 1) The car industry will be hit by potential substantial emission penalties coming up during 2020; 2) The 2017 #Euroboom came on the back of much more extensive bond purchases from the ECB, 3) The hopes in 2017 of Macron reforms are long gone and so on. Long EUR/USD is probably THE consensus view of 2020 – we remain skeptical.