The dollar was put up for scrutiny in trading yesterday after the mix of US data. That led markets to price in nearly three 25 bps rate cuts for the Fed by year-end now and it's keeping the greenback in a more vulnerable spot still. EUR/USD moved back up above 1.1700 with some added help from the ECB as well while USD/JPY stumbled from near 148.00 to a low of 147.00 before holding a slight bounce now.So far today, there's no added conviction in following through on the moves yesterday. Major currencies are muted with the dollar holding steadier and lightly changed across the board.So, what's next from here?In terms of market sentiment, the dollar remains on the weaker side as we look forward to the Fed cutting rates next week. However, any further downside might be more limited as traders aren't going to be too willing to chase beyond 75 bps worth of rate cuts by year-end for now. That especially with September being primed for just a 25 bps move currently.As a reminder, traders are pricing in ~71 bps of rate cuts by year-end with only a 7% probability of a 50 bps move for next week.As we look to the Fed next week, US data will also be in focus as we do have the University of Michigan preliminary consumer sentiment later today and then retail sales data next Tuesday. But in determining how things will flow for the weeks ahead, it's all going to come down to the Fed and how they want to position themselves going into October.In terms of dollar charts, AUD/USD is one to keep an eye out for after the run higher yesterday saw a firm break above the July high of 0.6625. The pair is now up to its highest levels since November last year with some scope for gains to extend further from a technical perspective. This article was written by Justin Low at investinglive.com.