I believe that the most critical factors last week were the adjustments the BLS announced they'll be creating for the year leading up to March 06 and the future adjustments to come, together with Greenspan's (remember him?) Opinion on the housing market and the statements issued from the two Fed Govs.

We will need to bear in mind the root driver of currencies: if traders think interest rates are moving down or up. Over the last several months, there has been a relative balance between both and the $ has exchanged between a range free of indiion that one has a clear majority, as there has likely been a relative balance between the $ bulls and bears. That may start to change this week, because of the announced revisions and other news. Still, we must see the way the CC, Mortgage progr and Beige Book come out.

When can we see a clear indiion that a majority of thinking exists either way? At this time, that can't be understood, but if the fundamentals and also other announcements continue powerful for your $, I'd watch for a sustained break below 2500 for at least a 2-4 week period AND the lack of fundamentals/statements that say otherwise. As of now, given the data that has been released, we've seen the scale start to tip towards the $ bulls. Let us see how it proceeds from that point.