June 1, 2015. NZD is the strongest. CHF is the weakest.

As the trading weeks gets underway in North America, the strongest currency is the NZD. The weakest is the CHF. Each of the currencies are reversing a trend that took the pairs in opposite directions last week.

There was no data out of NZD. China Manufacturing data was a touch weaker (typically weighs on the NZD), but after new lows going back to September 2010 were made in the NZDUSD, the currency reversed and benefited from short covering. For the CHF, SNBs Jordan was jawboning about intervention and this helped to weaken the CHF.

The AUD is little changed against the major currency pairs today. The RBA are expected to keep rates unchanged when they announce their decision tomorrow (12:30 AM ET). The market will be looking for a change in the statement. Specifically if the RBA moves toward a more explicit easing bias.

The US dollar is down against the NZD and little changed against the AUD and JPY. It is stronger against the EUR, GBP and CHF in early week trading. The US Beige book outlining the economic activity in the US from the perspective of the Fed will be released on Wednesday (at 2 PM). The US employment report will be released on Friday (+227K is the estimate vs +223K last month).

In the US today, the personal income and personal spending released at 8:30 AM (est. +0.3 and +0.2, respectively), along with PCE deflator (+0.1% MoM) and PCD Core (est. +0.2% MoM). At 10 AM US construction spending for April will be released with an estimate of +0.7% vs. -0.6% last month). Also out at 10 AM will be the ISM manufacturing for May with a small gain to 52.0 from 51.5.

Canada's RBC Manufacturing index will be released at 9:45 AM (last month 49.0. No estimate).

German CPI data has been coming out from the different regions. They will be packaged up and released at 8 AM with the estimate of +0.1% for the May MoM gain and +0.7% for YoY. Looking at the local data, it may squeeze a 0.2% number on rounding. (RHine Westphalia was +0.2% and Saxony was +0.2% with the others at +0.1%).