Bank of America Global Research makes the case for no soft landing and higher USD ahead.

"Central banks are sticking with the inflation cure for now, but it has been relatively easy so far. We expect more challenges ahead. We have been arguing that inflation will be sticky and recent data makes us more concerned. High inflation has been positive for the USD and negative for JPY. Movements in the rest of G10 have been contained," BofA notes. 

"The correlation between inflation and FX is positive, assuming central banks continue fighting inflation. Which central banks will stick to their inflation target and which will not will determine FX ahead. For now, we see risks for more USD strength, as we consider the consensus soft landing unlikely. We continue to argue that fiscal policy is too loose, offsetting monetary policy," BofA adds.