The greenback will rise steadily against each of its major counterparts in the next year as the U.S. Federal Reserve looks to raise interest rates in July, according to David Bloom HSBC's global head of foreign exchange strategy.
The currency stood at 87.898 against a basket of global currencies on Thursday with a significant appreciation since July. However the rise has cooled somewhat in recent days, with the dollar showing weakness Wednesday after the minutes of the Fed's last policy meeting struck a more accommodative tone than market-watchers had been expecting.
However, Bloom remains adamant that the dollar bull run has not run out of steam and predicts that it could even help bolster dwindling inflation numbers for struggling countries in the euro zone.
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"Fizzle schmizzle," Bloom told CNBC Thursday. "This is a dollar bull run...as Shakespeare said, even the path of true love is not smooth."
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 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."