The U.S. dollar started trade in Asia on Tuesday in familiar territory, holding flat after a listless session overnight void of any meaningful economic data or market-moving events.
The dollar index was flat at 81.455 after drifting in a 82 tick-range on Monday, a far cry from Friday’s 336 tick-range. Traders said the index was looking toppish given last month’s rally that swept it to a succession of 2014 peaks and the market will need fresh impetus to push it further still.
Monday had nothing to excite dollar bulls and left markets in a watchful mood as geopolitical risks persisted. In Iraq, a new political crisis was brewing just days after Washington launched its first military action against insurgents from the Islamic State.