According to FX strategists surveyed by Reuters, the U.S. dollar will maintain its position versus the majority of global currencies for the remainder of the year despite projections of narrowing interest rate spreads since the economy in the US is still robust.

The dollar has gained roughly 1.3% over the past week despite still being down versus other major currencies for the year due to waning prospects for a U.S. recession this year and declining calls for a federal funds rate cut.

In contrast to market forecasts for one more rate increase, a number of U.S. Federal Reserve officials, including Chair Jerome Powell, have argued in favor of at least two additional rate increases, which has also supported the dollar.

Recent data revealed that the greatest economy in the world has continued to perform better than predicted and has outperformed the euro zone, which earlier this year entered a recession.