(Bloomberg) -- Europe’s common currency has been on something of a tear against its Swiss cousin, suggesting a broader shift in risk appetite may be afoot.

The euro last week climbed to its highest against the franc since February following optimism about a proposed European debt-sharing plan and fiscal package. The recent appreciation is a notable change in direction for a currency pair that, weighed down by concerns about the coronavirus pandemic and Italy’s debt load, has spent most of this year sliding. And with several analysts calling the euro a proxy for global growth, stimulus measures from around the world -- not just in Europe -- could help its cause.

Recovery expectations have risen after a chorus of central bankers called for more fiscal action. Japan’s central bank boss issued a rare joint statement with the country’s finance minister to reassure investors that yields won’t rise, while the nation has doubled down on its stimulus measures. Key Federal Reserve official John Williams has said more fiscal support is needed also in the U.S., where government officials are working on details for additional aid. And a similar tone has been adopted by policy makers from South Korea to Australia.

For a related story on the euro escaping its existential angst, click here.

In light of these moves, growth and inflation expectations have the potential to shift rapidly, further dampening the appeal of haven assets such as the Swiss franc.

John Velis, a strategist at Bank of New York, said the shared currency may have more upside as investors slow the pace of outflows and add exposure. Canadian Imperial Bank of Commerce’s Bipan Rai, meanwhile, has recommended options strategies that would benefit from a rapid weakening of the franc.

Of course, it’s possible that investor sentiment may sour in the weeks ahead if there is a significant increase in the number of virus cases, or if there are further strains in the U.S.-China relationship. But traders also have a slew of central bank policy announcements to look forward to, including one this week from the euro area’s, which could give scope for a further boost to optimism.

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