The Japanese markets are closed for a two day bank holiday that runs on Monday through Tuesday and that may impede order flows at the start of the week. The U.K. markets are closed on Monday, and that too may affect the momentum in overnight trade.

The markets await U.S. Pending Home Sales data on Monday, and then the rate decision and statement from the Reserve Bank of Australia that comes early on Tuesday morning (EDT).

This is the week of banking stress test results in the U.S. and there may be some strange reactions to forex values; keepan open mind regarding dollar direction. All of the major pairs are at major price points; aussie, cable, and possibly euro, look capable of moving higher, whilst cad, yen and swissy may be the pairs that react best to any Usd strength.