This weeks fomc meeting minutes, plus ADP and ISM DATA suggest USD strength. But the dollar has considerably weakened overnight. is this profit taking before today's NFP release? Or is the market telling the fed that it doesn't believe two more rate-hikes are coming this

Following yesterday's hawkish fomc minutes, all the data today (ADP & ISM services) points to higher rates for longer in the US and the US dollar is reacting accordingly. If any trade I take today is still running when NFP is due to be released, I will close

The US market opens up with uncertainty, most likely awaiting the fomc minutes due to be released at 19:00 UK time. Will the minutes give the market a clear direction? Or will the the fact that NFP is due to be released on Friday keep trading subdued until then?

The Australian central Bank dissapointed Aussie bulls this morning by holding the interest rate. But I don't think it's created a short AUD opportunity because the terminal rate has remained the same. Japanese intervention talk is getting louder and with a quiet data agenda in Europe

Last week it was difficult to have faith in the direction of the currencies. The EUR was the standout performer due to the still hawkish central bank. Moving forward, will Friday's PCE data set the tone for the USD this coming week? All up-coming data will be

PCE data from the US comes out softer than forecast, moving forward this is hopefully a good sign for the world and may create USD short opportunities. This risk this afternoon would be quarter end flows skewing any trade ideas.

Today's headline red flag data is US GDP, other data points to note are German CPI and US jobless claims. I'll also be keeping a keen eye on tomorrow's PCE data which could be a big market mover. Every data release at the moment

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

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