TD Research discusses still expects a final 25bp rate hike from the Fed in June.

"We maintain our call for a final 25bp rate hike in June to a 5.25%-5.50% peak Fed funds target range, but it will be squarely dependent on the data flow leading up to the June meeting," TD notes. 

"While not an overt signal that the Fed was hitting pause, the stakes may be higher. We think the market will treat it as such. Thus, we think an asymmetry to trade the USD to the weak side will remain particularly as banking pressures will persist. NFP will also hold crucial weight in the USD's near-term fate. All told, we are biased to further EURUSD upside and especially USDJPY downside," TD adds.