In the view of the Global Head of Currencies at Standard Chartered, Steven Englander, the risks remain skewed to the downside for the US dollar in the coming months.

"The market really wants to sell dollars, but is afraid to sell dollars right now. Traders watching for signals that US economic growth is slowing or that China and Europe are picking up. US dollar likely to weaken over time as the market waits for that signal. There has to be some upward surprise in potential growth and projections of where corporate profits are heading over the medium term for it to head higher. I don't see where those surprises are coming from."