The US dollar saw some positive flows early in New York trading but it has given them back despite rising long-term yields.
AUD/USD (below) fell as low as 0.6788 but has rebounded to 0.6820 while the euro fell to 1.1204 before bouncing to 1.1232.
The main event this week is tomorrow's US retail sales report. Hopes are high with the consensus at +0.5% m/m and the control group at +0.3% m/m. The range of estimates on both are wide with control spanning from -0.1% to +0.6%. Notably, at the bottom of the range is BofA, where economists tend to lean on internal credit card data.
A soft reading would weigh on the dollar but would cool expectations for rate hikes later this year and could lead to risk appetite.
The turn in the dollar today was assisted by a rally in tech stocks but that's at risk with the Nasdaq trimming gains to +0.6% in the last 20 minutes. For the remainder of the day, eyes are on stocks.
