CitiFX Strategy write that the regime and high energy prices favor USD strength.

"We reinforce our overall view of USD strength and JPY weakness and retire our tactical USD correction view," Citi notes.

"We highlight 4 main regimes for G10 FX based on equities and yields. If equities fall and yields rise, the Dollar does best. If equities are uncertain but yields rise, buying cross-JPY appeals," Citi adds.