On August 17th, after the release of the minutes of the Federal Reserve’s July meeting, the dollar gained some support.

Economists at ING said the minutes of the Fed’s July meeting showed that most members continued to see upside risks to the inflation outlook and left the door open for further tightening. But in our view, the encouraging development in terms of subdued inflation means that the Fed does not have to raise rates again, but instead opts for a prolonged pause, followed by a cut in 2024. The greenback is enjoying some mild bullish momentum, but it is unlikely to break above 104.00 before the end of the week.