Over the past couple of weeks, the dollar has rallied somewhat. But that hasn’t muted the many doubts that the buck has further to fall. A new study from DoubleLine shows how.

The greenback’s winning streak continued Thursday, with the US Dollar Index nudging up 0.39%. It ended the day higher than most of its peers. A likely factor, according to market observers: Optimism that the US economic recovery will advance faster than those in the eurozone, where lockdown measures have been extended.   

Some good economic reports helped. US private payrolls rose by 174,000 jobs last month, the ADP National Employment Report indicated. Data for December was revised to show 78,000 jobs lost rather than the originally reported 123,000. 

The brief for the dollar is that, among other things, it has been the international reserve currency for decades. This means other nations’ central banks hold it as the…

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