Just been looking at the forex action this week and the dollar's looking pretty weak across the board. DXY dropped about 1.2% last week, which is the biggest weekly slide in months. Meanwhile, EUR, GBP, and AUD are all pushing higher - EUR up 1.5%, GBP up 1.8%, AUD even stronger at 2.1%. Pretty interesting shift from the dollar strength we saw earlier this year.

What's driving this? Basically, risk-on sentiment is back. Geopolitical tensions easing, tech earnings looking solid, commodities stabilizing - all the stuff that makes traders comfortable reaching for higher-yielding assets instead of parking everything in dollars. You're seeing carry trades reactivate, funds trimming their dollar overweight positions, and corporates adjusting hedges as volatility expectations drop. The dollar forecast for coming weeks really depends on whether this holds or reverses.

Technically, DXY support sits at 103.50 - if that breaks, we could see 102.80 next. Resistance up at 104.20. EUR/USD just broke above 1.0900 and looks poised for 1.1050. GBP holding its uptrend since January though it's getting overbought. The big wild card is this week's inflation data and whatever the Fed signals next. If risk sentiment tanks, dollar could bounce back fast. But for now, the momentum's definitely against it. Watching those support levels closely.