The widespread distribution of vaccines to combat the coronavirus pandemic and ongoing monetary easing could lead to the US dollar weakening as much as 20 percent next year, according to Citibank.
“When viable, widely distributed vaccines hit the market, we believe that this will catalyze the next leg lower[ing] in the structural USD downtrend we expect,” the US bank said in a research note. “Given this set-up, there is the potential for the dollar’s losses to be front-loaded, with the USD potentially falling by as much as 20 percent in 2021,” it added.
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