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The European Central Bank’s (ECB) balance sheet size reached a fresh record high of €6,351.4 billion last week with quantitative easing adding €28.8 billion to total assets. 

Notably, the central bank’s balance sheet is now equal to 53.3% of Eurozone’s gross domestic product. Meanwhile, the US Federal Reserve’s balance sheet is equal to 32.3% of America’s GDP, as noted by popular analyst Holger Zscahepitz. 

Put simply, the ECB’s balance sheet expansion, as measured by the percentage of GDP, has been bigger than that of the Fed. Even so, EUR/USD has been on a tear of late. The currency pair has gained nearly 5% this month and now looks set to clear a 12-year-long falling trendline.