A look at the next couple of weeks – in the lead-up to the July FOMC meeting – shows that there aren't many other data releases that can drastically turn the tide for the USD.

Dollar long positions are evaporating rapidly, with PPI numbers all but confirming the disinflationary narrative in the US.

It's hard to find a clear counterargument against the bearish Dollar momentum, but the move is looking stretched, so watch for potential temporary corrections.