FORGETTABLE - Not a lot to talk about into Tuesday. Monday was an uninspired day for the market and we mostly saw currencies catching their breath following the wild moves from the previous week. So for the moment, it's back to wait and see. But I don't think we will be in wait and see mode for more than a few sessions and I suspect we will get another surge in volatility at any moment. Right now, the currency market is trying to figure out if it wants to continue to weaken against the Buck or if the time has finally come to see a more extended period of US Dollar correction.
DON'T FORGET - Certainly, last Friday's employment data out of the US would support the 'more weakness against the Buck' price action, but at the same time, we musn't forget about the discouraging components of the employment report which showed wage growth still slumping and the participation rate dropping off. These would be reasons for the Fed to remain 'patient' and for the US Dollar to sell off a bit. There isn't a whole lot on the economic calendar for Tuesday and I suspect it won't make a difference with the market quite capable of moving on broader macro flows. Just sit back for now.