The major pairs have gone through a volatile period of trade, after re-balancing fair value because of the recent four day break in Europe and Canada, that has left the markets looking for a new direction; either distribution ahead of the next big break, or consolidation of the current price levels. There are few clear cut signals at the moment, outside of a bullish cable and aussie, a benign euro, and swissy and cad that look to be doing their own thing.

U.S. markets will absorb CPI and TIC data reads at 08:30 and 09:00 EDT, and will very likely then have good reason to move forex values at that time. The European session is quiet in regard to economic releases, and as such it will be the 02:00 EDT European futures market open that gets things moving.