Gold-FOREX Correlations Shift Back to Anti-Dollar as Traders Await FOMC, Data and Treasury budget leads light calendar

Today's economic calendar is very light, with the Treasury's February budget set to be released at 2 p.m. ET. The consensus forecast is $-229 billion compared with the previous $-27.4 billion. Estimates range from $-229.4 billion to -$25 billion.Tomorrow the calendar includes retail sales figures and the Fed's rate decision for March. Economists expect rates to remain unchanged at 0.25 percent when the decision is released at 2:15 p.m.

LONDON (AP) -- Markets were steady Monday ahead of a meeting of European finance ministers that is expected to pave the way for a second massive bailout for Greece that will prevent the debt-ridden country's imminent bankruptcy. Ministers from the 17 countries that use the euro are meeting later and Greece will again be at the top of the agenda. 

The greenback continue to gain ground on Monday, with the Dow Jones-FXCM U.S. Dollar index climbing to a fresh monthly high of 10,018, and the rally may gather pace over the next 24-hours of trading should the Federal Reserve continue to soften its dovish tone for monetary policy. DJ FXCM Dollar IndexThe Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.17 percent higher on the day as market participants scaled back their appetite for risk, and the bullish sentiment underlining the greenback may gather pace over the near-term as the fundamental outlook for the world(TM)s largest economy improves. Indeed, the more robust recovery limits the Fed(TM)s scope to push through another large-scale asset purchase program, and we may see the central bank talk down speculation for additional monetary support as growth and inflation picks up.