The US dollar will rise again... if the data does.
It's a great market at the moment if you like news and economic data. Outsized market moves are the norm as traders try to sort out which direction the US economy is heading.
The GDP report certainly spooked US dollar bulls but the Fed remains optimistic.
The verdict will trickle in slowly in the form of different data points. Today, it's the PCE report, employment cost index and initial jobless claims at 8:30 am ET (1230 GMT), followed by the Chicago PMI at 9:45 am (1345 GMT).
Everything in the PCE report is notable. Spending is expected up 0.5% in March, income forecast to rise 0.2% and the y/y core PCE reading is forecast at 1.4%.
The dollar will go where the data takes it. The pattern in the past month is that it goes further and farther than most anticipate, so hop on and hang on for dear life.