Mubasher: Goldman Sachs on Monday expected a broad decline in the US dollar in the coming year as the US economic growth loses momentum to be more in alignment with the global average.

“We see several changes to the global economic backdrop which, combined with a few negative medium-run factors, point to more downside than upside to the broad dollar in 2019,” Goldman said in a macroeconomic outlook report for 2019.

Goldman’s stance on the greenback meant that it revised its long-standing bearish view on the Japanese yen (JPY) and tipped Latin American currencies, the Swedish krona (SEK), and Canadian (CAD) and Australian dollars (AUD), the investment bank said.

The greenback grew so far around 8% since last April, with the Federal Reserve’s monetary tightening policy and the escalating trade disputes between the US and China.

By 10:56 am GMT, the US dollar index, which traces the currency against a basket of six peers, fell 0.09% to 96.3770.