The Dollar perked up some in late morning trade, with the DXY recovering from seven-session lows of 89.84. The index had been at 90.00 at the open, and headed to highs of 90.14 after the London close. The 10-year Treasury yield recovered about 3 basis points from its one-plus month low of 1.472%, which likely prompted some USD short covering. Short covering in the Treasury market ahead of Thursday’s CPI and jobless claims data was likely responsible for the early slump in yields. Wall Street remained on either side of flat ahead of tomorrow’s key data.

Narrow ranges have been prevailing among the dollar majors as key data and events loom. Tomorrow’s ECB meeting and U.S. CPI are keenly awaited by market participants, in addition to next week’s FOMC meeting. The DXY dollar index has settled nearly the 90.0 level, and has remained within the bounds of yesterday’s ranges, as have dollar pairings. EUR-USD, for instance, has plied a range of less than 25 pips so far today, holding just above yesterday’s low at 1.2163.

Narrow ranges have been prevailing among the dollar majors as key data and events loom. Tomorrow’s ECB meeting and U.S. CPI are keenly awaited by market participants, in addition to next week’s FOMC meeting. The DXY dollar index has settled nearly the 90.0 level, and has remained within the bounds of yesterday’s ranges, as have dollar pairings. EUR-USD, for instance, has plied a range of less than 20 pips so far today, holding just above yesterday’s low at 1.2163.