Nomura remain bullish on the US dollar but are pndoering what could turn it lower.

Analysts outline six alternatives:

  1. if Fed rate cuts successfully increase US economic growth, could lift world outlook & reduce haven USD demand
  2. A trade deal between the U.S. and China would lead to broad weakness in the USD, and risk-on in most assets
  3. Global coordinated expansion of fiscal stimulus could help to boost the global economy and create risk-on
  4. Recent ECB monetary stimulus, if it's more effective than expected, euro could strengthen against the USD
  5. USD also vulnerable if productivity picks up
  6. Or if Brexit has a positive outcome

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Nomura caveat that it's too early to say when or if these developments will happen

via Bloomberg