Probably one of the more surprising events from what’s been a rather climactic 2017 has been the strength seen in the Euro-Zone. As we came into the year, the ECB had just extended their QE program, and many shops were calling for parity on EUR/USD. Given that the U.S. Dollar was surging up to fresh 14-year highs and also taken with the fact that the ECB remained extremely passive and dovish while a considerable amount of political risk was on the horizon, this stance could be justified. But, as we moved deeper into the year, those factors of resistance began to recede: The U.S. Dollar pulled back and then spent much of the first nine months of 2017 moving-lower; and those elections in Europe appeared to resolve in a rather market friendly manner, starting with the first round of French elections in April

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