Will Fed provide further clues?

In the US attention will today focus less on the two PMIs from Milwaukee and Chicago and more on the speeches by FOMC members. Things will be kicked off as early as 8:30 am local time by William Dudley in New York. 

In the evening Janet Yellen and James Bullard will be speaking in St Louis. Above all Yellen's and Dudley's comments will be checked carefully for signals about the timing of a first rate hike.

For the time being the market is not yet convinced that the Fed will take action before the end of the year, says Commerzbank. So from this point of view there is still a lot of work to do to sharpen market expectations. The USD would no doubt benefit.