From BAML:
It is all about the USD and about President Trump’s policies for the EUR for now. Indeed, the sell-off of the Trump trades so far this year, following some profit-taking and market concerns for US trade protection, has supported the EUR. This is despite Draghi being dovish in the January ECB meeting and emphasizing the importance of core inflation for the ECB policy reaction function and also despite political risks in some Eurozone countries ahead.
