Mansoor said that if the Fed keeps interest rates on hold while the ECB and Bank of England raise rates, the dollar might start weakening, losing its advantage from the war. The U.S. is less affected by higher oil prices due to shale production, but if the Fed is perceived as slow to respond to inflation, interest rate differentials could turn against the USD. AVOID the USD as it may depreciate relative to other currencies in the short-term. The Fed could surprise with hawkish moves, supporting the USD.