From Morgan Stanley FX research:
"
USD: USD Strong against EM. Bullish.
We see scope for USD strength to continue. However, we distinguish between
the performance of USD against low yielding funding currencies, where we see
less scope for depreciation, and against commodity currencies and EM, where we
expect strength to be focused. Even the risks of a more dovish Fed are unlikely
to drive USD to depreciate against this latter group of currencies, as growth
prospects in the rest of the world remain below those of the US.
