Analysts at Wells Fargo point out the US Dollar can trade around current levels during the second quarter, and see it depreciating during the second half of 2023. 

Key quotes: 

“The U.S. dollar is experiencing multiple cross-currents that can result in a stable greenback through the end of Q2-2023. Longer term, we believe the Fed will lower interest rates more aggressively than peer central banks, which can place broad depreciation pressure on the dollar over the second half of 2023 and into 2024.”

“We also believe emerging market currencies can continue to experience widespread currency strength going forward, with the best opportunities existing within high yielding currencies in Latin America and Emerging Europe.”