The shift away from an expansive QE
program and steady lead up in speculation for the Fed's return to rate hikes has been central to the Dollar's gains over the past year. We've already seen a big adjustment to its relative hawkish lean (compared to the likes of the ECB, BoJ, PBoC), but there is still untapped premium as the market is still under-pricing the Fed's own forecasts. Here we have Fed Fund futures
for September and December. Neither is fully pricing in a hike this year.