Deutsche Bank - "Almost all currencies appeared to have peaked against the dollar, and the more recent rise in USD/JPY suggest the broad dollar is embarking on a multi-year uptrend. Superior US growth should support the rotation from bonds to equities that will help the dollar. Abenomics shows the scope central banks outside of the US have to weaken their currencies against the dollar. China rebalancing away from investment provides a downside risk to the China-linked currencies that have done so well since 2008. All these trends are intertwined and together point to sustained dollar strength. In terms of forecasts, by 2015, we expect EUR/USD to reach 1.10, USD/JPY 115 and AUD/USD 0.85. Most EM FX will weaken against the dollar. If anything, we risk underestimating the extent of dollar strength in coming years."