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Citigroup says US dollar may drop by 20% next year on covid-19 vaccines

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Covid-19 vaccines become widely distributed and help to revive global trade and economic growth, according to Citigroup Inc.“Vaccine distribution we believe will check off all of our bear market signposts, allowing the dollar to follow a similar path to that it experienced from the early to mid-2000s" when the currency started a multi-year downturn, Citigroup strategists including Calvin Tse wrote in a report Monday.The Bloomberg dollar index, which has fallen about 11% from its March peak, came under additional pressure Monday following news that Moderna Inc.’s Covid-19 vaccine was effective in a clinical trial, weighing on demand for havens like the greenback, the yen and Treasuries.Strategists have been positing for months that the U.S..

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