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Odds are it would strengthen. This would benefit the Eurozone in that exports become a lot more attractive than American imports to China. However, you have to keep in mind that immediate-term stuff matters less than currency manipulation which is an exciting new adventure. Here's the real question: who's going to handle policy under uncertainty best, a fractious Eurozone, America under Trump or China under Jinpeng? And what about India under Modi? India isn't much of an exporter right now, but they're in a reasonably good place to make some serious gains. I don't think anybody has a particularly clear crystal ball at the moment.