Oliver Mangan: Difficult to see major losses for the dollar any time soon

The Fed's aggressive policy of sustained rate hikes make an imminent reversal in the dollar's fortunes difficult to envisage

The Fed has been vocal on the need for continued rate hikes so futures contracts are pricing that US rates will rise to 5% by next spring.

The dollar has risen to its highest level on a trade-weighted basis since 2002 after making significant gains against a broad range of currencies in the past year, on firming US interest rates.

The US Federal Reserve has been the most aggressive of the main central banks in hiking rates this year, lifting the funds rate to over 3.12% since March.