Mitsubishi UFJ senior FX strategist Michael Wan said markets appear in a
wait-and-see mode for the next catalyst for the dollar and US interest rates.
Global markets will look to this week’s US ISM services report and Fed minutes,
and next week’s US CPI, for directional cues. Traders are also watching whether
Japanese authorities intervened last week to curb yen weakness; that uncertainty
is material as USD/JPY trades around the 162 level.