The dollar was king for the past two trading weeks
This was how the greenback performed last week against the major bloc:
The dollar's initial uprising owed a lot to do with the spike in US Treasury yields. But when 10-year yields finally reached its anticlimactic end upon touching 3%, the dollar momentum faded for a bit.
But as we wound down the trading week, it found renewed poise to finish the week with a flourish (well, sort of at least). If the dollar is to continue its momentum this week, it has to rely on some backing from economic data.
Today we'll be getting PCE inflation figures and on the week we'll also see ISM manufacturing and non-manufacturing PMI figures, before rounding off the week with the non-farm payrolls.
Also, be on the look out for the Fed when they meet this Wednesday. It's a meeting that is getting heavily overlooked but you can't 100% rule out anything these days, though I expect it to largely be a non-event.
