The US dollar consolidates its gains as money markets expect higher peak rates from the Fed. Following a bounce off 0.9150, a pop above this month’s high of 0.9290 has prompted the bears to trim their exposure. 0.9120 at the bottom of the latest rally is a key level to keep the momentum intact. A recovery above 0.9330 would send the greenback to the daily resistance at 0.9400, paving the way for a full-fledged rebound in the medium-term. Failing that, a bearish breakout would trigger a retest of 0.9150.
