Dollar holds a modest advance on the session
The greenback has now pared losses against the euro with EUR/USD falling down to the lows for the day around 1.2115 after failing to take a run at the key hourly moving averages closer to 1.2150 in European morning trade.
Elsewhere, the dollar is holding decent gains with GBP/USD testing near-term support at 1.4073 once again while AUD/USD continues to flirt with a heavier drop below 0.7700.
Adding to that is USD/CAD starting to approach 1.2200 and the 13 May high @ 1.2203 is one to take note of as a break above that could see gains gather pace.
The Fed is still the key risk event in the market this week though, so perhaps traders are positioning for something slightly hawkish – not on tapering but maybe in language, forecasts – so be wary of that going into tomorrow.