The Dollar was mostly higher through the N.Y. session on Thursday, taking the DXY from opening lows of 91.66 to a late morning high of 91.91. Overall, USD sentiment remains on the fence for now, and we expect some further consolidation before expected strong U.S. economic activity in H@ lifts the Greenback further. Incoming data was mixed, seeing durable order light of expectations, an in-line advance goods trade deficit, and an as-expected 3rd reading of Q1 GDP.

The dollar majors have been seeing narrow ranges. The consensus view remains for ongoing robust recovery for North America and Europe, and many other major global economies. The uncertainty remains over the timing and extent of monetary policy stimulus reduction. Incoming data releases are, overall, collectively affirming that activity is bouncing back strongly. The German Ifo business confidence surged to 101.8 in the June headline, for instance, from 99.2 in May. The data was much stronger than expected, although not a total surprise after the stellar PMI readings yesterday.

The dollar majors have been seeing narrow ranges, as have global equity markets. The consensus view remains for ongoing robust recovery for North America and Europe, and many other major global economies. The uncertainty remains over the timing and extent of monetary policy stimulus reduction. Data releases today, including the German Ifo and French business confidence, and, out of the U.S, second-release Q1 GDP, alongside durable orders and weekly jobless claims data, should collectively affirm activity is bouncing back strongly. Political negotiations over U.S.