The Dollar has been meandering...

The Dollar has been meandering for the most part against G10 peers, though mainly elevated and grinding higher with some outside assistance from a downturn in oil prices. However, upside progress has been hampered by a less supportive yield backdrop as US Treasuries recoup some of Friday’s heavy losses and the curve re-flattens ahead of the Fed on Wednesday. Indeed, the index has only extended the upper end of its range to 91.967 from a prior 91.866 and seems reluctant to reclaim 92.000+ status without further impetus after a somewhat conflicting NY manufacturing survey. In sum, headline activity accelerated more than anticipated, while prices paid and 6 month business conditions gathered pace, but new orders and employment both moderated. Bullish bias remains for DXY.