Tokachi Group has told clients that the US dollar bull market may be coming to an end after the greenback suffered its biggest three-week slide in more than 4 years.

The firm’s stark call was made in the latest of its post-Fed decision research notes. It called the Federal Reserve’s decision to scale back its expectations for rate hikes “tantamount to monetary easing”.

“The Fed did a remarkable job of convincing markets that they really were going to raise interest rates 4 times in 2016 even when all the economic data showed that this was utter fantasy,” wrote the research note’s foreword.

“Today’s revelation on the number of increases the Fed expects to make is just the start of a steady reversal of a tired and worn out narrative said a Tokachi Group market analyst by telephone.

The research note advises clients to consider increasing emerging market exposure by acquiring equities forecasting that the dollar would continue to weaken as the Fed gradually took rate hikes off the table in future announcements.

“We anticipate a resumption of the surge in emerging market equity values as, once again, investors go looking for higher returns than they can get in US bonds,” said the Tokachi Group analyst.

The note also reiterated the firm’s positive outlook for gold prices which are currently trading at around $1265.00 an ounce having surged as much as $30 on the Fed’s announcement.

The firm advises institutional investors to gain exposure via ETFs like the SPDR Gold Trust while individuals are advised to acquire physical gold in the form of bullion or coins.