– This is the script of CNBC's news report for China's CCTV on May 4, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
As the U.S. dollar fell to its lowest since January 2015, currency experts told CNBC the currency's decline had further to run.
The greenback has fallen since the start of last week and traded at 92.26 against a basket of major currencies on Tuesday. This was the dollar index's lowest level since the start of last year.
Currencies against which the dollar has posted notable declines include the Japanese yen. The dollar fell below 106 yen on Tuesday after the Bank of Japan surprised some currency traders by introducing no further stimulus measures at its meeting last week.
Analysts at Societe Generale and BBH told CNBC via email the dollar rout had further to run.
Marc Chandler, head of currency strategy at BBH, forecast the dollar would bottom in the coming weeks, reaching roughly $1.18 against the euro and 103 yen.
Kit Juckes, a top strategist at Societe Generale, said the dollar might approach 100 yen, but would need to do so in the next few weeks. He said euro-dollar could near or just fall through $1.20.
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[ATUL (t) LELE Deltec CIO] "061142 The fed is going to have to be raising rates towards the back end of this year, and be more aggresive with the monetary tightening right now, they are quite comfortable to allow inflation to rise in the US, when we move towards Q4 2016, and certainly into Q1 2017, we are looking at multiple rate rises from the Fed. As investors, we are balancing the tightening in the US and against the easing we are seeing in other parts of the world. 061206"
UBS neutralized its underweight position on the yen following the Bank of Japan meeting last week, at which the central bank held its deposit rate at -0.1 percent and its base money target at 80 trillion yen ($0.8 trillion).
"The latest Bank of Japan meeting suggests that the central bank is in a wait-and-see mode, in spite of weakening economic data," Mark Haefele, chief investment officer at UBS Wealth Management, said in a report circulated on Friday.
"The recent strength in the yen means that Japanese investors in foreign assets, including the government's pension fund, are now considering whether to hedge their foreign exchange exposure. Such risk management measures could prevent the yen from weakening in the near future," he added.
UBS also introduced an underweight position on the Australian dollar versus the U.S. dollar.
The Aussie dollar declined on Tuesday after the Reserve Bank of Australia cut its cash rate to a record-low of 1.75 percent, surprising analysts.
"We believe that the recent recovery in the Australian economy is unsustainable, while U.S. growth is likely to rebound after a soft patch over the last two quarters," Haefele said.
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[ATUL (t) LELE Deltec CIO] "061100 If we take a step back, we say the great deleveraging began in the US in the 2008, made its way to Europe in year 2012, made its way to EM in 2014 and 2015, is now starting to make its way to commodity economies such as Canada and Australia. 061117"
CNBC's Qian Chen, reporting from Singapore.
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