Resilient U.S. growth is fueling another rebound in the dollar and sending bearish investors scrambling, though the rally will be tested by a gauntlet of data and the Federal Reserve's meeting later this month.
in the United States. That has supported the idea that the Fed will leave rates at around current levels for longer than previously expected and boosted the relative attractiveness of the greenback.
That theme will be tested in September, as the market braces for a flood of key U.S. economic data as well as the Fed's monetary policy meeting. Among the data points in focus will be Wednesday's report on U.S. consumer prices; signs that inflation is cooling faster than expected could see investors reassess bets on how long the Fed will leave rates at current levels.
A Reuters poll found that 81% of analysts surveyed believe the risks to their dollar forecasts are to the upside for the remainder of 2023, though many still believe the greenback will trade lower a year from now.
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