Economists at ING discuss USD outlook.

Dollar will embark on a cyclical bear trend in 2H23

For the near term, it looks like the Dollar can hold the majority of its recent gains into next Wednesday's FOMC meeting – though the release of the US May CPI next Tuesday will be a big market driver too. 

Our bigger picture call remains that the Dollar will embark on a cyclical bear trend in 2H23 – probably starting in 3Q – though the risk is that this gets delayed