Citi maintains a bearish bias on the USD in the medium-term.

"The US Treasury General Account is likely to decline by > $700bn over the next three months, supporting risk assets. The decline in the TGA balance is also likely to weigh on the USD through two channels: portfolio balance effects and further tightening of FX basis," Citi notes. 

"We remain bearish USD, linked to a global recovery and very low US real yields alongside an extra push from the TGA, and despite expectations of US growth outperformance," Citi adds.