We have seen a correction in high USD valuations. But in the view of economists at Crédit Agricole, the US Dollar is not completely defeated. 

Eurozone fiscal stimulus may not prevent recession

“The USD is not yet completely defeated. The US economy remains quite resilient and the Fed’s struggle against inflation is far from over. Fed speak and US Retail Sales will refocus investors’ attention on how much more work the Fed has to do tame inflation.”

“Eurozone fiscal stimulus may not prevent recession and instead contribute to more aggressive ECB tightening and further exacerbation of Eurozone sovereign credit risks. This could hurt the EUR’s appeal as it did the UK during the mini-budget saga last month.”