Danske Research summarizes its key views on FX majors.

"We expect the rise and fall of excess money to end in major economies over the coming months and monetary aggregates to lose importance for markets again. In our view, nothing particular stands out in terms of relative money supply. The FX market will, among (many) other things, be a relative play on inflation," Danske notes. 

"We reiterate some of our (long-held) key views on FX majors. In our view, a strong USD remains a prerequisite for a return to low inflation over the coming year. Bank of Japan will eventually cave in and strengthen the JPY. Higher EUR interest rates is not necessarily a EUR positive factor. GBP is in the hands of a host of opposing factors," Danske adds.