On a quiet day for data from the Eurozone and Britain all eyes were on the dollar. Poor Consumer Confidence figures was largely ignored as the market looked towards the release of the minutes from the last Fed meeting which strengthened beliefs that the Fed would continue to hold rates for the remainder of the year.

GBP
There is little UK data out this week, but sterling continues to gain support from favourable yield differentials as a recent pick up in the housing market increases speculation about the potential for another rate hike.

USD
The minutes of the Fed meeting were eventually released, however, they served only to bolster expectations that further interest rate rises this year were unlikely. Market focus will now turn tomorrow's non-farm payrolls data with analysts forecasting the creation of 120K new jobs.

EUR
The euro pulled back from recent record highs against the yen. The market will start to look ahead to the ECB Policy announcement. No change in rates is expected but all comments will be scrutinised for hints on the next hike.

JPY
The yen gained after comments from the Japanese Finance Minister. He said that Tokyo was monitoring currency movements closely in the wake of the euro's sharp rise, implying that persistent yen weakness was not something they were looking for.