EUR/USD flows: EUR up in NY

EUR/USD traded sideways in Europe and the EUR had made gains in the Americas -- no fundamental news behind the NY move, other than end of year flows.  EUR/USD is mixed multi week with the U.S. equity market helping USD sentiment, but the EUR still seen to be undervalued versus the USD and at risk of further FX hedging for huge portfolios in the U.S. by European investors.  One issue is the U.S. equity market, which is overvalued and at risk of a correction on any modest bad news.  However, the optimists are currently in control in U.S. equities and getting excited about a Space X IPO and some reports of a USD1.5trn valuation (at a high 60 times sales!).  Speculation is that Tesla shareholders could get cheap entry, which is buoying Tesla shares.  However, this looks overdone with Tesla P/E now above 220 times.