Only twice before since the introduction of the euro has the tide of fast cash lifting the single currency and submerging the dollar been this strong.
The question today is whether the present trend continues and the euro sails higher, as it did in 2007, or reverses, as it did in 2011. Up to now, the signs are that it could be the former.
Figures from the U.S. Commodity Futures Trading Commission (CFTC) show that hedge funds and other speculators now hold the largest net long euro position since May 2011. The general short dollar position is the biggest in over three decades.