Dollar's rally ends with a bang - BBH

Research Team at BBH, notes that the US dollar reversed higher on May 3 and trended higherand while it peaked on May 30, but it was not clear until the poor US jobs report sent the greenback reeling on June 3. 

Key Quotes

“The fact that May 3-May 30 move is over is the most important technical consideration for the dollar's outlook.

It is interesting to recall that the dollar had bottomed a fortnight before the FOMC minutes and Fed comments had encouraged the market to re-price a summer hike. The dollar now has peaked prior to investors pushing out the rate hike once again.

The prudent first assumption is that the dollar is correcting its May advance. Sterling was the only major currency to lose ground against the US dollar in the past week (~-0.6%).”