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Analysts at Natixis explained the reasons why the dollar should depreciate.

Key Quotes:

We see three main reasons why the dollar is likely to depreciate going forward:

1) The end of the yield spread widening between the United States on the one hand and the euro zone and emerging countries on the other.

2) The rising US external deficit: The is now little potential for a further widening of the yield spread between the United States and the euro zone or emerging countries;  

3) The difficulty attracting capital to the United States: The US external deficit is going to increase under the effect of the expansionary fiscal policy at full employment; protectionism will not reduce the US external deficit;  It will become more difficult for the United States to attract capital to finance its external deficit as central banks have stopped financing it.