Credit Agricole CIB Research highlights 5 peak USD drivers.

"We think that the big theme of 2023 could be the peak of the USD rally," CACIB notes.

"In this focus piece we explore five potential drivers of that: 1. A US recession 2. A peak Fed tightening cycle 3. US external imbalances 4. USD overvaluation and overhang of USD longs 5. FX intervention to weaken the USD," CACIB adds.