US Dollar devaluation continues after US inflation data

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• US Dollar has continued to weaken against its major rivals following Wednesday’s selloff.
• EUR/USD technical outlook shows that the pair has the potential to renew 2023 highs.
• US Dollar could have a hard time staging a steady rebound as markets eye a looser Fed policy.

The US Dollar (USD) has been struggling to shake off the selling pressure on Thursday after having registered heavy losses against its major rivals on Wednesday. March inflation data from the United States seems to be the primary driver behind the broad-based USD weakness with markets forecasting a strong probability of one or more Federal Reserve (Fed) rate cuts in the second half of the year.