Since Congress is on recess this week

Fewer headlines, fewer worries?

Is the slow climb in the dollar today a sign of things to come?

The main thing is that it's going to be a slow news week. Congress is on recess until next week and the economic calendar is light, especially in the United States.

This is a market that loves quiet. I mean, it loves just about everything, but when nothing is going on, the path of least resistance for stock markets is higher.

The high in the S&P 500 today just poked above Friday's best level and is now in the opening gap from Friday. That's a good sign and beyond that, there isn't much in the way of climb to 2595.

For the dollar, the better climate is good news and that's been the story today as USD/JPY has slowly climbed to 112.70 from a low of 111.89.

There is definitely a case for shorts after the recent break below support but my guess is that it's a story for next week, not now when risk trades are more inclined to creep higher.