Credit Agricole's head of G10 FX research and strategy, Valentin Marinov, said:

• Current Fed pause will likely stretch on for few more quarters

• Believes that the Fed tightening cycle has peaked

• Fed likely to communicate such policy stance ahead of time

• That will result in a weaker dollar alongside fading yield momentum

• Any softening in policy stance by the Fed will be welcome by Trump

• There shouldn't be any real scope for more conflict between Trump and the Fed