An extremely interesting year for European FX

This has been a year packed with events for the European G5 currencies. ECB QE and the Greek crisis have weakened EUR further. The SNB unexpectedly abandoned the EUR/CHF floor. The Riksbank started QE, weakening SEK. Volatile oil prices have taken NOK on a roller-coaster ride. The UK got a Conservative majority government against all polls, squeezing the market's short GBP position. The European rates market has been in uncharted territory, with negative yields for high quality assets, historically low periphery yields, and high volatility more recently. 

"Approaching the middle of the year, we are bullish the USD against all European currencies, but we expect a volatile path, as the USD is already strong and the Fed would not allow it to overshoot, and our projections assume a Sep Fed rate hike. We are the most bearish in CHF, followed by EUR. We are the most bullish in GBP. NOK and SEK are between, with balanced risks for NOK/SEK." says BofA Merrill Lynch