The story of 2005 was the dollar defying an overwhelmingly bearish consensus. The dollar has little to fear from a slowdown in U.S. consumption growth as this will eventually lead to an improved external trade position.
The growth fundamentals really weren't there for the euro. The U.S. has a strong economy, it has high yields and that's good for the dollar.
It's possible that the deficit actually becomes a positive factor for the dollar as people see it narrowing. That will allow the dollar to rally even as growth in the U.S. slows down and the Fed stops raising rates.