In terms of pursuing the Treasury’s long-term goal of dollar strength, the US currency performed badly this year.
A new President installed in the White House, his choice of five new board members on the Federal Reserve's open market committee (FOMC), campaign pledges just waiting to be enabled into law and an economy skipping along very nicely.
What went wrong? The dollar should have found support from all, or any combination of the above factors. Instead, the currency returned less than all but a fifth of its rivals.
The dollar index, a measure of the US currency's relative strength versus six of its chief rivals - euro, yen, sterling, Swiss franc, Canadian dollar and Swedish krona - fell 8.41% between 31 January 2016 and 19 December 2017.
Let's dwell on the dollar a little longer. Here's what went wrong. First, President Trump's introduction to the passing of law on Capitol Hill was a serious jolt back to Earth after the joys of beating Hilary Clinton in the November 2016 election.
His failed efforts at overturning Obamacare in Congress was the first sign that his keenly-anticipated tax reforms might also meet some resistance. By the end of the year and after several passages through the Houses, the finished article was finally voted through last week.
Meanwhile, the many changes at the Fed left an FOMC that appeared disjointed, and with Chair Janet Yellen one of the bodies about to be removed, lacking leadership. The Fed carried on with its plan of gradual rate increases, but the reasons behind them lacked conviction and markets were never convinced by the Fed's actions.
Only the US economy remained consistent. Strength in forward looking survey data, such as purchasing manager indexes, consumer confidence and economic sentiment gauges, were eventually backed up by the hard data, and many analysts believe that US gross domestic product growth will close the year above 3%.
Inflation, however, underperformed and while consumers pushed consumer price inflation up to 2.2% in November, the Fed's favoured personal consumption expenditures (PCE) measure of inflation lagged at 1.4% as wage growth failed to pick up pace.
"Wage growth remains the dog that didn’t bark in this cycle, but it is very dangerous to assume it will remain so quiet," says Ian Shepherdson, chief economist at Pantheon Macroeconomics.
So, tax reform delays, an FOMC that lacks conviction and undershooting inflation - not to mention the many political and geopolitical problems faced by the US administration, it's not that difficult to see why the dollar has underperformed expectations this year.
But what of its rivals? How have they got on this year. Let's turn to focus on the competition.
These are the main currencies of France, Germany and Italy (euro), the UK (pound), Japan (yen) and Canada (Canadian dollar).
This group made fairly-consistent gains against the dollar - best among them, the euro, gained 12.5% thanks to a eurozone economy that gained in momentum as the year moved on.
It was near perfect conditions for the euro. While the economy continued to grow, inflation held just below the European Central Bank's 2% target: low enough for the ECB to not worry about policy tightening and high enough to assuage concerns about consumer confidence and demand.
ECB president Mario Draghi could talk about policy tightening without having to do anything about it.
Sterling had a mixed year, falling against the resurgent euro, but returning 8.6% over the year against the dollar as hawkish rhetoric from the Bank of England turned into action in November, with a quarter point rate hike to 0.5%.
Canada's dollar rose 4.52% against its US namesake after the Bank of Canada engaged in two rate hikes in 2017 and contemplates the further need for policy tightening into 2018.
Only the yen of the G7 currencies fell against the dollar. It lost 3.57% over the year as Japan’s Abenomics policies continued efforts to reflate the economy with only limited success. The weaker yen had its benefits in helping push Japanese exports higher and helping manufacturing growth.
Commodity and Scandies
Those currencies supported by economies dependent on commodity exports started to pick up as global inflationary pressures built, pushing the prices of metals and energy assets higher.
Australia's dollar gained 4.9% over the year as stronger global demand for iron ore, copper and other mineral and agricultural commodities lifted export growth.
Similarly, we can put Canada's dollar in this group, too - as we've already seen, it gained 4.52% this year.
Norway's krone - also classed as a Scandie - sits in with the commodity currencies due to its oil production wealth. In the first half of the year this was a negative due to low oil prices, but as crude began to rise during the second half, the krone picked up momentum and ended the year with a 3.37% annual return.
The New Zealand dollar lagged, gaining just 0.2% over the year.
Both the Swedish krona and the Danish krone made more impressive gains, thanks to strong economic turns. Sweden's Riksbank is expected to make some form of policy tightening overtures early next year and could be one to watch. Its krona gained 8.05% while Denmark's krone rose 12.23% over the year.
Some mixed performances here, but generally it was the European EMs that turned up the heat in the currency markets in 2017.
Central and Eastern Europe (CEE) has been undergoing something of an economic revival in 2017, with Poland leading the way. Annual growth near 5% and inflation at 2.5% means its central bank must be getting close to pulling the trigger on rates - yet it has kept them at 1.5% through this year.
Nevertheless, it appears to have created a central European benchmark that investors believe will be recreated elsewhere in the region.
Poland's zloty climbed 17.84% on the year, while the Czech koruna was 18.14% higher and Hungary's forint added 10.88%.
Asian currencies failed to see such dramatic rises, but were mainly buoyant. China's renminbi gained 5.25%, India's rupee 6.13% and South Korea's won 11.44%.
Turkey’s lira was among the worst performers against the dollar, losing 8.09% over the year, as geopolitical tensions with the US over Kurdish fighters in Syria sapped investor appetite.
Brazil's real fell 1.11% this year as economic recovery lagged elsewhere. Hong Kong's dollar edged 0.8% lower this year, while Indonesia's rupiah dipped 0.7%.