Deutsche Bank - "Here are 10 top challenges to the very popular strong USD view for next year:
• The ECB and BOJ have less capacity to surprise in 2015.
• The JPY has dramatically overshot some traditional valuation metrics,
• The EUR has a history of ‘dragging its heels’;
• .Fed funds will get stuck at zero.
• The EUR economy is not as weak as feared.
• .Risk on, low yields lifts EM/commodity FX.
• The US narrow basic balance deficit cannot be ignored;
• Deflation is no longer USD positive;
• The end of ‘US (growth) exceptionalism’.
• Positioning & technicals.
(...) we remain committed USD bulls."