Hardy says that the Federal Reserve displayed ‘peak dovishness’ at its March meeting and any rate move will stay off the agenda, at least until its meetings in June or September. He says any risk is toward dollar strength than dollar weakness.

He also examines USDJPY and looks at how the Bank of Japan will act this week after it indicated it may lend to banks at negative interest rates. Elsewhere, Hardy thinks RBNZ will delay any potential rate cut until later.