There is the odd Fed and ECB speaker on the docket (Lacker and Nowotny) but nearly nothing in the way of hard data. IBD/TIPP economic data will be released at 1500 GMT (10 am ET) but that’s not a market mover. So what to focus on? The S&P 500 is a good place to start. Futures are off by another 5 points after a 5 point decline yesterday that came on a reversal. After 8 weeks of gains, traders are on edge. No data also means no signs the Fed will taper so the latest round of US dollar strength is unwinding. There are some medium-sized offers in EUR/USD at 1.3595/1.3600 but better selling interest is at 1.3620/30.

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