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Haven demand has been the general trend in the FX space. The USD ought to be faring well from a relative macro point of view as the news flow has been worse out of the Euro area but it’s not been the case, analysts at Nordea report. 

Key quotes

“Going by the latest and official virus numbers, the situation in China is improving from a weak level while Europe is getting worse. Despite this, EUR/USD has been moving higher.”

“We think the main driver of this EUR strength is unwind of EUR funded EM carry trades. EUR/USD looks nicely and inversely correlated with the S&P500 future for now.”