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Markets are in risk-on phase when looking at stocks, but it’s a completely different thing when looking at US Dollar Index Futures and Yields which are all still in uptrend.
The question is which one is right and which is wrong? Well, I think that now when the stocks are at the highs, there will be more and more buyers trying to catch this run, so the dollar will be exchanged for shares, and this is what can cause dollar to come down, or at least prevent it from rising too far.
However, the important event this week will be the US CPI tomorrow at 14:30 CET, when the market expects a drop from 3.4% to 2.9% y/y. Looking at DXY its still a corrective rally, waiting on a top in this 104-105 area.