JP Morgan Research discusses the current FX valuation in G10 FX market.

"Looking at FX since the war, there aren’t many severe dislocations or misvaluations in G10 FX to exploit. We continue to receive questions about the USD’s response through out the entire conflict, with anecdotal reports suggesting that cross-market betas to oil have been fading as the conflict has dragged on (suggesting some fatigue, as well as some inherent optimistic bias that the situation will resolve before inventories hit critical levels),"JPM nbotes.

"In other words, higher ToT alone has not been sufficient for the USD to rally; it rather needs to be more of a nefarious cross market risk shock as well. But given current levels in each  (oil & VIX), one could argue USD downside is constrained so  long as the conflict continues," JPM adds.