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RIO DE JANEIRO, BRAZIL - The dollar is expected to initiate a decline of up to 20 percent in 2021 should Covid-19 vaccines be widely distributed and help restart global trade and economic growth, according to Citigroup.

"We believe that vaccine distribution will set all of our market downward indications, thereby enabling the dollar to follow a path similar to the one it experienced from early to mid-2000s," when the currency entered a multi-year downward trajectory, Citigroup strategists such as Calvin Tse said in a report on Monday, November 16th.

The Bloomberg dollar index, which has accumulated a . . .

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