The Dollar fell just short of multi-week highs against major rivals on Thursday, a day after the minutes from the Fed’s last policy meeting.

The Dollar index – measuring the currency against major peers – held steady on the day at 104.48. On Wednesday, the index rose 0.36% as the minutes from the latest Federal Open Market Committee (FOMC) meeting supported a rate hike slowdown, yet also signalled to curtail soaring inflation would be the “key factor” in determining how much further rates need to increase.

The minutes’ impact was weakened as the meeting took place before a slew of data that showed the U.S. economy is performing well, leaving the central bank more room to hike rates to lower inflation, Reuters reports.

Traders of futures linked to the Fed’s policy rate held their stance that the central bank will continue hiking rates by 25 basis points at the upcoming three meetings.

This has gradually led the Dollar index to rise from 100.8 at the beginning of this month, yet remains a far cry from the two-decade high of 114.78 in October last year. 

“The easy part of the short USD trade is over,” according to Galvin Chia, emerging markets strategist at NatWest Markets.

“Until major releases can change the view, the market bias looks like good news is bad news – a resilient U.S. economy is risk-negative.”

Elsewhere, the Euro remained flat at $1.0606, just over the near seven-week dip of $1.0598 from the previous session, whilst the Sterling was steady at $1.2045.

The Australian Dollar edged up 0.36% to $0.6823 after falling close to a seven-week low of $0.6795 on Wednesday. In addition, South Africa’s Rand was flat against the U.S. Dollar in early trade on Thursday, standing at 18.2575 per Dollar, near the previous close of 18.2525.

Furthermore, India’s Rupee rose against the Dollar on Thursday, fuelled by a recovery in Asian currencies. The Rupee was trading at 82.77 to the U.S. Dollar at the time of writing, a rise from 82.85 in the previous session.