David Meier, economist at Julius Baer, said in a note that the dollar could rebound if expectations of a big US rate cut waned, but gains would be limited. "We do not expect the dollar to return to its late 2022 highs, as there is a lot of resistance to overvaluation and lower interest rates," he said. Currencies such as the pound, the Australian dollar and the New Zealand dollar are likely to continue to strengthen against the dollar, as these countries may not cut interest rates as quickly as the US. He said the pound and the New Zealand dollar in particular were likely to see higher central bank rates than the US before the end of the year.