 The euro is surging against the dollar, which is starting to ding European stocks. Here now is Andres Garcia, CEO of Zoe Financial. Andres, the Europe stock trade, one of the most popular stock trades this year. The euro now at $1.19, highest level in over two years. And it's surging because Mario Draghi on Friday at Jacksonville did not talk down the euro. So what he didn't say was essentially more important than what he did say. Yeah, absolutely, Scott. Silence was the message on this one. So we have a speculation, as we talked last time, that Mario Draghi would actually talk down the euro. He did not do that. Also, Chairwoman Yellen did not talk about inflation. She did not talk about, in essence, any aspect of monetary policy. So those two things, if you look at the euro, first Yellen spoke, it rallied. And then it rallied even more after Draghi spoke. So I think this sets up the scene where we already had six months of the dollar weakness. This just, in essence, throws more fire to that story. So like I said, we're at $1.19 now. At what point does this euro rally really start to ding European stocks? When is the warning sign going to come? If you are thinking three, five years out, in essence, in the short term, a stronger currency might weaken the story. But if you look at the last six years, most of the underperformance of European stocks versus US stocks was as a result of the euro weakening versus the dollar. So I think now we're seeing the opposite, which is there might be some volatility along the way. But if we look three years out, if the euro continues to strengthen, I think that is going to be the biggest driver for European stocks versus for US investors. Now, Mario Draghi didn't talk down the euro at Jackson Hole, but is he going to talk down the euro at that all-important policy meeting next week when the ECB meets? Yeah, it's a tough one to say, because if the European economy continues to strengthen, there is a point for him to allow to do the euro, do what it does. I think if the euro was appreciating and the data was getting weaker, he would have to basically talk down that euro and say, well, I need to give myself wiggle room here. But the data has been very strong, which makes me think he feels confident of letting the euro do what it has to do. Well, and this is sort of a new phenomenon. He doesn't necessarily have to sound the alarm just yet. Let me ask you about Europe versus US versus emerging market stocks. Can you rank those for us? Absolutely. I think emerging markets, when you think five years out, emerging markets look the most appealing, the most volatile for sure, but if you have kind of the capacity to... Stomach that risks. Yes, emerging markets, then Europe, then the US. And mostly, if you look at valuation, those markets look a lot more appealing and relative to US stocks. And let me specifically add China into the mix. China's stocks reaching a 20-month high, we know, of course, what happened 20 months ago in 2015 for China's stocks, not pretty. Yeah, it's interesting you mentioned that because one of the biggest risks globally, if you remember, not that long ago, was that the renminbi or the yuan and the Chinese currency was going to break because of all these issues that when it comes to monetary-fiscal policy and their debt issue, it turns out that a weaker dollar is actually making the yuan stronger and therefore the biggest tail-runs for Chinese stocks and Chinese economy overall is no longer on the table or not as high a probability as it was before, which is obviously a positive. All right, Andres Garcia, zoefinn.com. We'll leave it there. Thank you very much. Thank you. All right, I'm Scott Gamm and you're watching The Street.