Could there be very drastic moves in the major currencies’ exchange rates in 2019?

If we follow the fundamentals of exchange rates, the three drastic moves in the major currencies’ exchange rates that can be feared in 2019 are sharp depreciations of : The renminbi , as the weakening of Chinese growth leads to continued capital outflows , with the central bank at a certain stage refus ing to lose more foreign exchange reserves; The dollar, as a reaction to the marked increase in the external deficit caused by the expansionary fiscal policy conducted at full employment, and the stabilisation of interest rates at a quite low level ; The yen, if the Bank of Japan is the only central bank that continues to increase the size of its balance sheet by monetising public debt. So thanks to the fundamentals , the euro will probably become a strong currency compared with the renminbi, the dollar and the yen, with the exchange rates between the other three currencies changing little if all three are weak.