The firm argues that the US-China trade war is likely to remain a dominant driver in markets for 2020
Adding that economic tailwinds will stay muted and that Fed rate hikes are "extremely unlikely" in their outlook for next year.
For EUR/USD, they view the currency pair heading to 1.15 by the end of 2020 - though noting that upside risks remain for the dollar including an escalation in the trade war and a further weakening in economic data.
As for USD/JPY, they see the currency pair ending 2020 at 103.00 with the view that 10-year Treasury yields will hover around 1.80% for the most part.
They also chip in with a view on cable, arguing that it will finish next year at 1.39 as Brexit uncertainty fades a little more.
A couple of other bank views from the past week: