DXY has reached 101.30 and is testing 101.63–101.80 resistance near a two-month high, but the rally’s momentum is flattening as two of its immediate tailwinds fade, the 10-year Treasury yield has retreated after testing the 5.24% area Monday, and oil has also pulled back. Neither move reverses the broader inflation-and-rates story, but both remove the marginal support that had been pushing Fed expectations and the Dollar higher.
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