(Bloomberg) -- Seeking an informational edge on where currencies from the euro to the yen to the Mexican peso are headed? Take a look at flows into equity ETFs.

Strategists at Deutsche Bank have found that a one standard-deviation shock to ETF inflows — passive money moving into stocks at an above-average rate — is associated with a five basis point appreciation for riskier currencies over the following day; a two basis point appreciation for the euro; and a three basis point depreciation for the yen, all versus the dollar.

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