Group 1 - The US Dollar Index (DXY) has experienced a significant year-to-date decline, providing a favorable environment for non-US stocks [1] - Foreign ETFs have generally outperformed the S&P 500, indicating a shift in investor preference towards international markets [1] - The EURUSD currency pair has appreciated by more than 7% through July 21, reflecting a strengthening of the Euro against the US Dollar [1]

Your biggest concern at the moment seems to be the appreciation of the euro against the dollar. We were in Sintra earlier this week where the vice president, Mr. . de Guindos, was talking about 120 as the limit.What is your take on this. So I won't comment on my colleagues commands. It's a general rule, but we look closely at the volatility of the exchange rate.It has been significant since the start of the year with a 13% appreciation of the euro against the dollar. By the way, it's not a specific apprecia ...