Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
The year started with a currency "flash crash”, as the US and Australian dollars along with the Turkish lira plunged against the Japanese yen to raise the curtain on what analysts expect to be a hugely volatile 12 months.
Foreign exchange movements matter to UAE residents, as many internationally mobile individuals juggle two or three different currencies and make regular foreign exchange transfers.
Gaurav Kashyap, head of futures at EGM in Dubai, says the fear factor is back after the stock market meltdown of 2018 that saw equities slide amid trade war worries and a slowing global economy. And currencies are also feeling the heat.
Several market-moving events are coming to a head this year, notably the US-China trade war and Brexit. “The US Government shutdown, the prospect of further interest rate rises from the Federal Reserve, tighter European Central Bank (ECB) monetary policy and elections in India are also adding to the uncertainty," says Mr Kashyap.
So which currencies will fare the best in 2019?
Mr Kashyap suggests US dollar strength will continue as investors seek a safe haven for their money, which would be good news for UAE residents sending dollar-linked dirhams to their home countries.
The US Federal Reserve increased interest rates four times last year and the big question is whether chair Jay Powell defies criticism from President Donald Trump and pushes for further increases. "If the Fed adopts a more dovish approach it could hinder my outlook for the greenback, which otherwise remains bullish for the first half of the year," says Mr Kashyap.
Outlook: Another good year for the greenback.
Mr Kashyap says the euro is one to watch, particularly if the ECB increases interest rates. “However, European economic data is mixed and I do not see any form of monetary tightening before the summer,” he adds.
Outlook: A bumpy year in prospect for the single currency.
After two years of vacillation, January looks like a make-or-break month for British Prime Minister Theresa May and the pound as she faces an uphill task in persuading MPs to support her deal in the rescheduled vote on January 14.
However, Mr Kashyap believes sterling could recover strongly provided a no-deal Brexit crisis is averted, rising as much as 8 per cent against the euro, from €1.11 today towards €1.20.
Many analysts have also argued that sterling is priced for disaster and could be a top performer if the UK avoids the worst.
Outlook: Sterling could move sharply, in either direction.
He says the rupee has been “hammered for years” but should now outperform. “A dovish Fed will help by reducing capital outflows from India and foreign exchange-related volatility,” Mr Mamtani adds.
Outlook: The rupee could enjoy a strong summer.
Outlook: Things are looking up for the loonie.
Dollar strength is traditionally bad news for emerging market assets and so it proved in 2018, with crises in Turkey and Argentina triggering investor flight and further pressure expected this year.
He picks the Chinese renminbi as one to watch. “President Xi Jinping has to juggle his growth plans against the country’s growing debt mountain, currency weakness and US trade war talk. If the Chinese decide to dash for growth the yuan could be sacrificed and fall even further," says Mr Mould.
Outlook: The yuan could come under sustained pressure.
Outlook: There may be dollar dismay for New Zealand.
The Australian dollar may also underperform after house prices in Sydney fell 10 per cent in a year with further drops expected, Mr Mamtani says. "This creates a negative wealth effect for households and curbs personal spending."
The slowing Chinese economy could hit demand for Australian commodities, forcing the Royal Bank of Australia to hold or even cut interest rates, hitting its currency, he adds.
Outlook: A commodity crunch threatens the Aussie.
Outlook: Nervous investors should give the yen a further boost.