The long weekend enabled market analysts to consider the Feds options. Yellen has telegraphed an interest rate rise and this should come sooner, rather than later. Monetary policy is fast becoming the problem, rather than part of the solution, so Central Banks need to correct the course. Pressure has been mounting, as proof of the QE actions, is in the pudding! For all the extreme monetary expansionism, global economies have failed to recover, as fiscal debasement continues. EU CPI contracted, reflecting the parlous nature of European economy, providing yet another reason for the UK to leave! The EUR traded 1.1125, while the GBP gapped back to 1.4475, after ‘Brexit’ polls tighten. The AUD regained some mojo, pushing back to 0.7225, after a jump in export data. This is an input to the GDP number, released today, which will influence the currencies direction. The NZD surged towards 0.6750, after a jump in Building Permits, but little should be read into housing data. The Australian story is more positive but it is all relative! It is performing better than most other OECD countries, but has serious fiscal and monetary issues, due to political incompetence. Currencies reflect a race to the bottom, desperate to find an export lead recovery, but are a sad reflection of the state of said economies.