The greenback gives away gains to the 101.80 region recorded earlier in the Asian trading hours and returns to the 101.60 zone when gauged by the USD Index (DXY) on Monday.

USD Index looks at 102.00

The index struggles to regain upside traction amidst the broad-based absence of a clear direction in the global markets following the opening bell in the old continent on Monday.

Indeed, the dollar surrenders the initial uptick to the 101.80/85 band against the backdrop of a generalized consolidative mood in the market and the tepid attempt to extend the march north in US yields.

In the meantime, bets on a 25 bps rate hike by the Federal Reserve at the May 3 event remain on the rise and mainly propped up by hawkish Fedspeak, while the still elevated inflation also seems to maintain the prudent stance among investors.

Later in the NA session, the NAHB Housing Market Index is due seconded by the NY Empire State Index and TIC Flows