One effect of the Federal Reserve's scaling back its bond-buying program: a stronger U.S. dollar. It's already started, and the bullish calls are heating up.
Bank of America Merrill Lynch and Nomura strategists predict that the euro will weaken to 1.25 next year, while Morgan Stanley is projecting 1.24. That's an 8 percent to 9 percent decrease from current levels.
"We think that tapering pace will be picked up and tapering completed by July to Sept," Derek Halpenny, a currency strategist at Bank of Tokyo Mitsubishi, wrote in an email to me. "So we anticipate by Q2 short-term yields in the U.S. will become unanchored to a degree which will be the trigger for greater dollar strength."
If the dollar strength is a sustained trend in the 2014, the impact will be felt far beyond the currency market.
(Read more: Dollar extends rally after Fed, yen held back by BoJ)
It's a double whammy for the bottom line of some of America's most recognizable companies—the multinationals, whose overseas profits in foreign currencies become worth less when they're brought home.
On Friday, McDonald's Japan lowered its profit forecast for the year by nearly 60 percent, partly because of the weaker yen.