The Australian dollar is relatively more sensitive to the global growth cycle -- not just commodities, but leverage to trade with Asia, especially China.

We saw a lot of dollar selling last week, so the dollar's regaining some lost territory.

But it's nothing really fundamental: Is it interest rates backing up in the U.S.? Rate expectations backing up? Or the fact that the dollar fell too far too fast last week? It's probably a combination of all of that.

What you really need for the yen to strengthen is some clarity on when ZIRP will end. ZIRP is key.

But I am not sure (whether) the Australian dollar is a forward indicator or just a concurrent one.

The Fed statement hasn't made me change my focus on data. I still think that those that will be important are those that give us a sense of capacity constraints and inflation.

Investors got too excited about a near-term policy change. This is probably not the time to bet on yen strength. We need to add more fuel to the fire to get going.

Through the Q & A, we should get a sense of where he sees the balance of risks ... A lot of people think he is relatively more inclined to be more dovish. But if he comes across as very concerned about price stability, I think that could surprise expectations to some degree.

The dollar is gradually moving out of its sweet spot. Once the Fed's tightening cycle is over, dollar bears are going to focus on the current-account deficit again.