FXStreet reports that in the view of economists at Westpac, medium-term DXY bear trend is still intact.

“DXY appears to have found a near term base just above 90, the dramatic upside surprise on the April CPI throwing it a lifeline. But even though DXY seems primed for a bounce within prevailing ranges (89-93), conviction levels are understandably low given the wild swings in marquee US data in recent days.”

“While the near term DXY outlook is more encouraging, the medium-term bear trend is still intact. Eurozone’s reopening metrics are looking more upbeat by the day and the EC is poised to commence joint bond issuance under the region’s post-pandemic Recovery Fund in July.”