Core Viewpoint - The recent increase in the U.S. annual CPI inflation rate from 2.4% in May to 2.7% in June has led to a slight decline in the dollar, which may be attributed to excessive short positions in the currency [1] Group 1 - The dollar experienced a minor rebound after the CPI data release, indicating a potential overreaction due to excessive short positions [1] - ING analysts suggest that the strong inflation data may challenge the rationale for a Federal Reserve rate cut in September [1] - The expectation is that the dollar may continue to rise following the recent inflation data [1]