Watch For A ‘Deep Dive’ In The Euro

Some folks are sounding pretty bearish on the euro of late, and it's not hard to understand why. The common currency rallied hard against the greenback  in the first nine months of 2017, as a policy divergence story (hawkish Fed/supportive fiscal policy in the U.S. versus political risk in Europe and a dovish ECB that, to the extent they moved towards normalization at all, would be starting from behind anyway) morphed unexpectedly into a policy convergence story (lackluster inflation in the U.