FOMC minutes will be key.
The market is anticipating a hawkish set of FOMC minutes, or at least a fair bit of optimism. The meeting was before the brunt of negative news -- including March non-farm payrolls -- hit the newswires. Since then, influential Fed members Lockhart and Dudley talked about temporary weakness in the economy and a more wait-and-see attitude that probably eliminates the chance of a June rate hike.
In the short-term, the US dollar is rallying despite higher oil prices and seasonals.
Watch the close in USD/JPY (spot at 120.34). The March 31 high was 120.37 and a close above would be bullish.
