The euro is one of the most traded currencies in the world. Per the European Commission, the euro's share of international payments is about 36%, and represents about 20% of foreign exchange reserve holdings. While the yield on the euro is in fact negative against so-called risk-on currencies like the U.S. dollar, Canadian dollar and Australian dollar (see chart below), the euro can be viewed as a "risk-on" currency itself.
Negative Yields
(Chart created by the author using TradingView.com charting tools. The same applies to all subsequent charts presented herein unless otherwise specified.)
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