In the year to date, the Euro (EUR) is the second best performing G10 currency. This appears out of kilter with Germany’s struggling economy, which is in danger of falling back into technical recession in Q3, Rabobank’s Senior FX Strategist Jane Foley notes. The value of EUR/USD continues its ascent “Although some models suggest that at current levels, EUR is undervalued vs. the USD, the Eurozone’s real effective exchange rate is trading comfortably off its post pandemic low and around the middle of the range maintained since the single currency’s inception.”