the Sand (PPP)* Figure 1: The euro is expensive and the dollar cheap 10 20 30 40 -20 -10 0 34.8533.29 21.65 15.7815.69 11.9 6.60 1.50 AUD NZD CHF CAD NOK EUR GBP SEK JPY USD -3.24 -10.10 Source: DB FX Research Figure 3: EUR/USD: The euro is expensive though remains within the 20% threshold ... 0.6 0.8 1.0