I don't want to repost a reply from elsewhere in the thread but as it's directly relevant: Yes, I was referring to QE, which is much more disruptive in the eur

I don't want to repost a reply from elsewhere in the thread but as it's directly relevant: Yes, I was referring to QE, which is much more disruptive in the eurozone than in the US, even at lower volumes. In the US, you have a central bank that is tasked with protecting the economy of the country, and the central bank is responsible for the money supply. Same in the UK and almost anywhere else. In Europe, the central bank is tasked with protecting the economies of 19 different countries who each have divergent tax and expenditure strategies (some markedly so), meaning the currency is subject to the fluctuations caused by any number of those states getting into difficulty at any time, which happens frequently.