Encouraging economic news out of the Eurozone! Germany's composite PMI reading for January was up for the 4th straight month and now sits firmly in expansion territory.

Along with the U.K. composite PMI reading, which unexpectedly spiked in January to a level not seen since 2018, this is an important indication that an economic recovery is indeed beginning to materialize. The Eurozone's two largest economies need to lead this recovery and it looks like central bank stimulus and ultra-low interest rates are finally doing the job.

The obvious play here is buying the iShares MSCI Eurozone ETF (EZU), but opting for the iShares Currency Hedged MSCI Eurozone ETF (HEZU) to protect against adverse movements in the dollar also isn't a bad bet. EZU has moved little over the past month, but it could run if investors decide to buy into this story.