Citi has called time on the blistering rally in the US dollar and told clients that one of the best ways to trade an imminent pullback is to buy the beaten-up Australian currency.

The greenback had surged 5 per cent since Donald Trump won the presidential election in early November, fuelled by expectations of sweeping tariffs that would hurt America’s trading partners. But that partly reversed this week after the president didn’t announce more aggressive levies on his first day in office.