BofAML write that "our main thesis......>

EURO-DOLLAR: BofAML write that "our main thesis for this year is that, to the

extent that the US fiscal stimulus weakened EUR/USD in 2018, EUR/USD should

strengthen in 2019 as the impact of the US fiscal stimulus fades. US growth

peaked in Q2 2018 and is already slowing. Although the US continues growing

above potential, our economists expect the US to be growing at potential by the

end of this year. The fiscal stimulus pushed the US economy above potential and

the USD above equilibrium. Our thesis suggests that as the impact of the fiscal

stimulus fades, US growth will go back to potential and the USD back to

equilibrium. Expecting growth in the Eurozone and the US to be at potential and

ECB and Fed monetary policies to start converging by the end of the year, we are

forecasting EURUSD to move back to its long-term equilibrium. We expect EUR/USD

at between $1.20 to $1.25 this year-at $1.25 by the end of the year."