US Jobs Report and Yen Intervention on Tap This Week

Last week's FOMC meeting left the market in a state of confusion. The 10-3 vote was more hawkish than expected, but Federal Reserve Chair Kevin Warsh failed to provide much detail on how the central bank plans to bring inflation back to the 2% target.

The result was a reining in of September rate hike expectations to around 65%, down from almost full pricing ahead of the meeting. The 30-year Treasury yield reached a 19-year high as a result.

Attention will now turn to a busy week on the U.S. economic calendar, with a focus on jobs and culminating in Friday's crucial NFP report.