The euro/dollar exchange rate is at its highest level in two years. On the euro side, the speed and coordination of the European policy response to the pandemic have buoyed investor confidence. On the dollar side, increased supply and a rebound in investor sentiment have weakened the currency. Marc Franklin, head of flexible multi asset, explains in our latest podcast how this shift has forced investors to rethink their portfolios for the coming months. He explores why we’re more positive on emerging markets debt and precious metals in light of the dollar weakness, how euro appreciation can act as a headwind for European equities, and whether it’s safe to view these currency developments as a fundamental shift.