ING Research discusses the USD outlook ahead of next week's US CPI print for the month of January.

"We suspect key dollar crosses will stay rangebound until the next key CPI releases next week. The dollar should still find a floor on the back of some defensive positioning ahead of next week’s inflation data, as happened in the run-up to the Fed meeting. Fed communication remains important, but secondary to data," ING notes. 

"After all, markets have already had the chance to assess the reaction function of the Fed to strong economic data after the latest jobs report and another round of Fedspeak. Additional policy remarks from the Fed’s Christopher Waller and Patrick Harker today are not likely to be a game changer for the dollar. DXY may keep hovering around the 103 handle into next week’s CPI report," ING adds.