Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
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This week's economic data should confirm the cyclical out-performance of the US economy. Constructive US data, together with the renewed weakness in commodity prices and continued nervousness around China and Greece developments, is expected to support the greenback.
Even though recent external events could potentially delay the long-awaited normalization of monetary policy in the US, it is confident that they would prove to be way more damaging to other economies that heavily depend on raw materials or those who have had difficulties anchoring medium term inflation expectations.
"We see any sell-off in the USD as an opportunity to re-build positions, especially versus the commodity currency block (AUD, NZD, NOK and CAD) and some European currencies (EUR and CHF)", says Barclays.
On Wednesday, Fed Chair Janet Yellen will discuss the conduct of monetary policy and assess the latest economic developments in her semi-annual testimony before Congress.
"We do not anticipate any change in the Fed's rhetoric about the prospects of monetary policy and we expect Chair Yellen to continue highlighting the data- dependency of future decisions", added Barclays.
