Bank of America: Under the background of the Federal Reserve resisting interest rate cuts, the US dollar is expected to usher in a summer offensive.

The Bank of America said that if the Federal Reserve continues to stay put and institutional investors slow down their selling of dollars, the dollar may see a summer rally. "We are bearish on the dollar in the medium term, but the risks for a summer rally are rising," wrote Adarsh Sinha, a foreign exchange strategist, in a research report. The Bloomberg Dollar Spot Index has risen 1.6% so far this month, bouncing back from six consecutive months of selling. The bank's technical and quantitative indicators show that there is a risk of a reversal in dollar selling, and strategists also believe that stubborn inflation and resilient growth will temporarily prevent the Fed from cutting interest rates.