ANZ Research discusses the USD outlook and looks to review its forecasts after tomorrow's NFP print and next week's CPI report.

"Positive surprises in activity data in major economies have seen terminal rates repriced higher, particularly in the euro area and the US. Front-end yields have surged higher with the repricing of terminal rates, with the DXY strengthening close to 3% in February," ANZ notes.

"We are monitoring the recent uptick in the US dollar, and we will need to see further evidence to confirm that activity is above trend and whether there is further upside risk for the USD from already elevated levels. Considering Chair Powell’s recent hawkish commentary from, we await US jobs data and CPI next week before we review our forecasts," ANZ adds.