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While some analysts believe that it is too early to write-off the dollar, others believe that the long-term prospects for a single European currency look more preferable.
"If I were offered to choose any asset, then it would still be a dollar. It is highly probable that it will show good dynamics at the beginning of 2020, and then the EUR/USD pair will decrease to the area of 1.08 by summer. After that, the American currency is likely to decline in price, but not as much as most investors think." said Jane Foley, head of the Rabobank currency strategy department.
The euro will be worth $ 1.13 against the dollar by mid-2020, according to a consensus forecast by experts recently surveyed by Bloomberg.
On the other hand, the EUR/USD pair will reach this level only by the end of next year after the Fed softens the monetary policy again, according to J. Foley.
In turn, Westpac experts have a similar view. They expect the dollar to cheerfully start the year, and then give up a few positions.
Over the next three months, the EUR/USD pair should remain in the range of 1.10–1.12, according to BMO Capital Markets.
"Our official forecast assumes that the ECB policy remains unchanged in the first half of 2020, although we see that the balance of risks is shifted towards additional easing of the regulator's monetary rate," BMO representatives said.
"The euro is likely to fall to $ 1.08 in the next six months amid new stimulus measures by the ECB. The EU's political agenda and trade-related factors will also be of great importance for the euro." they added.
Trade relations between Europe and the United States remain tense. Officials on both sides of the Atlantic say the importance of a trade. Meanwhile, positive news from the trade front will support the euro, while criticism of EU trade practice by US President Donald Trump will damage the single European currency.
The most "bearish" forecast for the euro is given by Barclays analysts. They expect the dollar to strengthen against the single European currency by the end of 2020, and as a result of which, the EUR/USD pair will reach 1.07.
However, there are those who bet on a rather sharp decline in the dollar next year. According to the forecast of UBS, the main currency pair will complete 2020 near the level of 1.19. At the same time, Deutsche Bank and Societe Generale expect the euro to soar to $ 1.20 by the end of next year.
Meanwhile, Bank of America and Goldman Sachs forecast growth to $ 1.15, BNP Paribas, Citigroup, and JP Morgan - to $ 1.14.
The main arguments are called the restoration of the eurozone economy and a decrease in the growth rate of US GDP to the level of stall. Thus, it is expected that the theme of the onset of the recession in the United States will return to the markets next year, which will put pressure on the dollar.
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