Here is a summary about the main currencies from UBS bank.
The US dollar:
Market expectations for an interest rate change by the Fed in June are uncertain, with a 40% chance of fixing the rate with a 60% chance of a rate cut next June. Forecasts suggest that the Fed will more clearly guide market expectations as the June meeting approaches. The upcoming Consumer Price Index (CPI) data is fundamental for understanding possible price movements. UBS expects an interest rate cut in June, which may limit the dollar's current strength against the euro, sterling and other currencies, although the risk remains for the dollar's continued strength if the Fed does not cut interest rates.
The euro:
The upcoming ECB meeting is not expected to be decisive, but there is a high probability about a rate cut in June. UBS expects the EURUSD to first fall within the range of 1.05-1.10 before finally rising, with the likelihood that the ECB's more explicit signal on interest rate cuts will inject more activity into the market.
Swiss franc (CHF):
Despite the strong momentum of the Swiss franc pointing to a further decline, fundamental factors indicate a possible sideways trend of the franc. The short-to medium-term outlook suggests that the euro against the Swiss franc and the US dollar against the Swiss franc will rise further, with the possibility of stumbling as more clarity emerges on interest rate cuts from the Fed and the European Central Bank. The current wide spread in the yield between the euro and the Swiss franc is expected to narrow, which may temporarily strengthen the EUR / CHF towards 1.00 but ultimately lead to a decline in both the EUR / CHF and USD / CHF pairs.
Sterling pound:
GBPUSD experienced volatility in March, finishing from where it started after initially rising due to budget decisions by the UK government and cautious signals from the Bank of England. The current level of 1.26 GBP / USD is considered fair, with expectations of an upward trajectory up to 1.30 by the end of the year.
Japanese yen:
With few economic data expected from Japan, USD / JPY is likely to be affected by US inflation data and the minutes of the FOMC meeting. The markets are on alert for possible intervention in the currency market by Japanese officials if the US dollar rises significantly against the Japanese yen. Despite the likelihood of a rise in exchange rates due to the rise in US interest rates, UBS prefers to sell bullish risks, expecting a more balanced forecast of interest rate cuts from the Fed, taking into account the position of the Bank of Japan on the weakening of the yen.
