The US dollar struggles as the Fed minutes confirms a slower pace in its interest rate increases. Last April’s low of 0.9200 has offered some support and the surge above 0.9340 prompted sellers to trim their exposure. Follow-up bids above the fresh resistance 0.9400 will be needed to keep the momentum going and cement a reversal. The current pullback may attract bargain hunters, but a failure to contain it above 0.9200 would signal weakness, opening the door to a bearish drift in the weeks to come.
