What has happened this year? Nothing

This post is going to be brief and visual. After so much talking about inflation, deflation, QE, interest rates..., during this year the markets show no movement: S&P is slightly down, German DAX slightly up, and EUR/USD down with a strong dollar, we are not so sure it is going to last. The EURUSD started 2015 around 1.21 and now it trades around 1.09. From a European or American investor 's point of view, it almost hasn't mattered to have invested in Europe or USA (losing in the stocks while winning with the dollar). Here you can see the charts:

SPY (ETF which tracks S&P 500)

DAX 30