It has been a rocky start to the year for dollar bulls. Investors betting the greenback will go from strength to strength in 2015 have seen the currency come off its highs in recent days amid signs of weakness in the US economy.

The dollar index is up slightly less than 2 per cent so far this year but has fallen from a nine-year high of 92.4 reached last week as investors have pushed back expectations that the Federal Reserve will lift interest rates in the first half of the year.

Weaker-than-expected retail sales growth this week and jobs figures last week that showed a slowdown in wage growth have raised concerns that the supposed economic powerhouse is not doing as well as the Fed thought in December. Minutes from last month’s meeting showed officials broadly confident that weak oil prices would help US consumers, and that inflation would gradually return to normal levels.