Tatsuno International: A measure of the United States dollar headed for its largest quarterly fall in five years as dovish remarks from Federal Reserve Chair Janet Yellen this week spurred a rally in stocks, gold and higher-yielding assets.

The greenback was poised for its biggest monthly loss against Australia’s dollar since October 2011 after the Fed chief told attendees at a speech she gave at the Economic Club of New York Tuesday that the central bank should “proceed cautiously” in raising interest rates.

The US dollar has fallen against all its 16 major counterparts in March, with the biggest slump against commodity currencies like the Brazilian real, the Aussie dollar and South Africa’s rand.

“We’ve seen a lot of investors unwinding long-dollar bets," said a Tatsuno International currency strategist. “In our view, even if the Fed hikes a second time in June, we don’t think they can realistically go higher with the mixed signals the US economy is sending."

The Bloomberg Dollar Spot Index, which gauges the currency against those of 10 of its peers, has fallen just under 4% in 2016, the most since the third quarter of 2010. In March alone, the USD has declined 6.6% against the Aussie dollar and 6% against the South African rand.

Tatsuno International says it anticipates the end of the dollar bull market this year as weak economic growth in the US and the rest of the world forces central banks to ease monetary policy in order to reflate their economies in the face of deflationary pressures.