After getting caught out by Donald Trump’s election, strategists in the world’s biggest market are now divided on where the dollar will go once he takes office. UBS Group AG, the world’s largest private bank, started advising its wealthy clients to sell the dollar and buy euros after Trump’s surprise victory this month. That contrasts with calls from Deutsche Bank AG, Germany’s largest bank, for the greenback to surge to parity with the common currency in 2017.  The opposing views underscore growing divisions in the $5.1 trillion foreign-exchange market, which was bracing for rival Hillary Clinton to win one of the most divisive U.S. presidential elections in decades. In the wake of the Nov. 8 vote, one-month historical volatility for the euro-dollar pair climbed above implied price swings for the first time since September, while 10-year Treasury futures volume reached a record on the outcome, signaling how unprepared traders were for Trump’s ascendancy.“The distribution of economic outcomes has widened with a Trump Presidency,” said Eric Stein, Boston-based co-director of global fixed income, who helps oversee about $330 billion at Eaton Vance Corp. “There’s potential for significant market reaction in both directions.” Investors are scrambling to decipher the impact of the president-elect’s promised policy mix. While a program that includes spending as much as $1 trillion on infrastructure is set to boost U.S. growth and spur the Federal Reserve to speed up interest-rate increases, the sort of protectionist stance Trump touted on the campaign trail is likely to weigh on the dollar. Momentum indicators hovered at levels that signal the greenback may have moved too far, too fast. The dollar has tracked Treasury yields higher on speculation that Trump’s promise of fiscal stimulus will fuel inflation. But his protectionist trade policies could ultimately hurt the global economy. Strategists have torn up their predictions for the dollar. While HSBC Holdings Plc and Standard Chartered Plc turned more bullish on the U.S. currency against its Japanese counterpart. Sumitomo Mitsui Banking Corp. lowered its March forecast for the dollar to 103 yen, from 107. The greenback has surged more than 6 percent since Nov. 8 to 110.07 yen at 12:42 p.m. in Singapore on Wednesday. Against the euro, the U.S. currency has appreciated about 4 percent to $1.0624. “A higher dollar and protectionism aren’t consistent with each other,” said Yoichiro Yamaguchi, Sumitomo Mitsui’s head of research in Tokyo. “There will be a correction in the market.”