Not everyone is convinced the dollar is poised to keep weakening.

Citigroup recommends betting the greenback will strengthen against the euro and Canadian dollar on a view the U.S. economy will outperform the rest of the world. Goldman Sachs argues the dollar will only decline if the euro and yuan appreciate significantly, and it says that looks unlikely for now.

“While we can understand the top-down logic, we are not convinced on the bottom-up case -- at least over the next few months,” Goldman strategists including co-head of global foreign-exchange and emerging-markets strategy Zach Pandl in New York wrote in a client note last month.

Back on the bearish side, National Australia Bank Ltd. is looking for further dollar losses, but sees more of a grind lower than a sudden sell-off.

“The dollar is set to begin 2020 fundamentally overvalued,” strategists at the bank including Ray Attrill in Sydney wrote in a research note. “We expect it to fall in 2020, but in a relatively sedate fashion barring resumption of Fed easing or dramatic improvement in growth prospects outside the U.S.”

This article was provided by Bloomberg News.

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