If there's any consolation for the dollar today, it is that there isn't an overwhelmingly positive risk mood to pile on the misery for the greenback. US futures are still looking rather tentative, keeping little changed in European trading thus far. Meanwhile, European indices are trading more mixed and that isn't really leaving much to work with for risk trades.

In the bond market, there is also a more tentative mood with 10-year Treasury yields up slightly by 1.4 bps to 4.454% on the day. Meanwhile, 2-year yields are down 0.9 bps to 4.898% so there's no real conviction for the most part.

Going back to stocks, as long as the gains from the last two weeks are being consolidated, that is still a positive development. US indices continue to aim towards the highs for the year in the latest push higher and that remains the case as we get into trading this week: Stocks look poised for a potential retest of the year's highs