Recessionary fears have pushed the dollar to the highest levels since 2002. For today, economists at ING expect the dollar to consolidate near the highs in advance of tonight's release of FOMC minutes

Slowdown fears keep the dollar bid

“Continued Fed tightening amidst a global slowdown remains a very positive environment for the dollar.”

“Tonight sees the release of the June FOMC minutes where the Fed hiked 75 bps. Expect these minutes to sound hawkish and to emphasise that the Fed is not for turning.”

“DXY should stay bid and probably edge higher towards 109 through July – that puts EUR/USD at parity.”