The greenback has rebounded from a one-month low over the past week, swung by U.S. economic data that has largely supported the case for a rapid recovery from the pandemic, with traders weighing whether a lift in inflation may force the Fed's hand earlier than policymakers have so far suggested.
"The USD is likely to continue to respond to the debate about whether or not the Fed’s view that inflation will be transitory is correct," Rabobank strategist Jane Foley wrote in a research report. The euro traded at the psychologically important $1.20 mark on Thursday, after dipping to $1.1986 on Wednesday for the first time since April 19.
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