At EURUSD 1.07 last year the Deutschmark and French Franc were at more or less REER all-time lows. Italy is not much more expensive. The ECB is still printing and we may be seeing the re-emergence of the Eurozone crisis. Put another way could we see new all time highs for German export competitiveness? What will the Fed and Trump do with a blow off top for the USD?
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