The strategist is sticking by his forecast made at the start of October when he said that the dollar index had already risen by roughly 5 percent year-to-date and said that another 15 percent rise in the next year was "not implausible". The only change to this forecast, he said, would be due to a change of policy from U.S. lawmakers if a stronger dollar starts to impact growth in the world's largest economy.
"Watch carefully for what the U.S. Treasury Secretary says," Bloom said. "(Jack Lew) is Mr.Dollar...so far he is a kept the line with the strong-dollar policy."
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The Fed minutes released Wednesday showed officials discussed in October how they should go about raising interest rates as monetary policy normalizes. They also showed that members are worried that inflation may stay low "for quite some time" despite the central bank's multitrillion-dollar efforts to jump-start the economy.
The rise of the greenback has come at a time of policy divergence between global central banks. The Fed has completed the dialing back of its liquidity program with Bloom predicting that it will raise its main benchmark interest rate in eight months' time.
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In contrast, the central banks of Japan and the euro zone are expected to ramp up – or in the case of the European Central Bank, introduce -- their own bond-buying programs. Bloom has predicted that the Bank of Japan will announce more stimulus in March 2015. His recently revised call for the yen is for it currency to deprecate to 122 against the dollar by the end of 2015, but said he understood why some strategists had vastly more bearish predictions for the currency cross.
He added that the dollar is likely to appreciate against every currency, including Australia, New Zealand, Sweden, Norway and South Korea.
"It's a beautiful story," he said. "It takes everyone with it."