The five factors
Interest Rates
-66
Positioning
-27
Risk Mood
-0
Partial data this run: monetary.
Model versus price
{'state': 'confirmed', 'label': 'Confirmed by price', 'detail': 'The -39 fundamental read is matched by a -2.0% spot move against the dollar over three months — price agrees with the macro.'}
The readings behind it
| Indicator | Latest | As of |
|---|---|---|
| 10-year yield | 3.18% | 2026-08-01 |
| Real 10-year (after inflation) | -0.05% (3.2% CPI) | 2026-08-01 |
| Fund positioning | 4th pctile | 2026-10-06 |
| 3-month move vs USD | -2.0% | None |
| Valuation (vs 1-yr norm) | historically cheap | None |
Strength gap against the other majors
A positive gap means the Euro scores higher than the other side of the pair right now.