However, with so many central banks expressing concerns over the dollar's strength, many market players seem to be in profit-taking mode, which has seen the DXY stall at 105.97.

With rhetoric from policymakers in the US now surely more hawkish, there seems to be a generous upside for the USD vs. all major currencies in the coming months. 

The disappointing retail data had an immediate and severe effect on the EUR/USD, with price falling below 1.078 for the first time since 20th February.

The Fed also raised its projections for economic growth in 2024, up from 1.4% to 2.1%, signalling that the US economy’s much-discussed “soft landing” was in sight. It’s rare to have strong economic growth, decreasing inflation and a simultaneous decline in interest rates.

OPEC forecasts that 2024 will see overall demand increase by 2.2 million barrels per day, with a 1.8-million-barrel increase in 2025.