Overnight, inflation data from Australia came down more than expected. Along with a similar story from Canada yesterday, this is hopefully a good sign for world inflation. But may induce some short term weakness for the AUD.

The JPY is still the weakest currency, but with intervention talk getting louder it feels like it's only a matter of time before the BOJ either abandons yield curve control or buy enough Yen to send USD/JPY lower. There may be a time JPY becomes un-tradable but

US dollar has returned very strong after the American bank holiday, is this due to a re-pricing for a rate hike in July coupled with disappointment over china? or is it simply quarter end flows?

US bank holiday today, with a very light data calender I think it's prudent to wait until tomorrow before forming a conviction in the direction of the currencies