I strongly recommend you visit https://www.bloomberg.com/news/articles/... to get a quick rundown of the recent global economic developments, and what to expect through the rest of the week and next week.
After last week's MUCH better-than-expected labor market data, it is no surprise that the U.S. dollar experienced as much as it did. However, the increasing consolidation we see can be attributed to uncertainty among traders as to whether the Feds will feel pressured to raise rates soon. Arbuthnot Latham's Gregory Perdon, among others, foresees three rate hikes this year. Ultimately, traders are looking to this week's economic data releases and next week's Feds meeting to scout for clues about possible changes in sentiment among the bankers. Since last week's employment data was in line with expectations, it didn't offer any more clues as to what to expect in the near future of the dollar.
See markup on chart.