Speculative currency traders bolstered wagers for an even stronger US dollar in the leadup to President-elect Donald Trump’s return to the White House.

The U.S. dollar weakened against the yen on Thursday, as softer-than-expected U.S. economic data and growing confidence for a Bank of Japan interest-rate hike sent it tumbling to a near one-month low against the Japanese currency.

Goldman Sachs is hardly alone in predicting a further 5% jump in the dollar this year. Commodity Futures Trading Commission data find that investors — from big asset managers to hedge funds — are the most optimistic about the dollar’s upside since 2019.

The dollar held gains against the yen on Friday, but ended the week lower after a six-week winning streak, as investors await Donald Trump's presidential inauguration and clarity on the course of the incoming administration's policies.