The market is currently factoring in rate hikes toward the end of the year of as much as 50 basis points. That's about right, considering the kind of strong economic numbers we have got out of Japan.

The market has been trading on the hurricane news.

The currency and rate futures markets are pricing in a rate hike by year-end and two by the middle of next year and this is why the euro has strengthened, especially against the yen.

The dollar was given a kicker to the downside. Basically it followed the fall in precious metals in New York overnight.

The hopes were not high for a clear winner based on polls last week, but the poor showing of the CDU suggests the German people were against further pro-business reforms.

Interest rate expectations will continue to support the Australian dollar.

The Fed is probably going to hold to see how the economy plays out. There's even some concern the U.S. economy had already started to slow down before the hurricane. If that's the case, it's quite bearish for the dollar.

The U.S. dollar might grind a little higher as the United States comes back from a long weekend. But I think it is going to be a quiet week.

The Australian dollar has been dragged down by the New Zealand dollar. Both currencies may well go through several months of under-performance.

The Australian dollar has moved up against all other currencies quite sharply. The market has been wrong-footed by the Australian dollar, as has happened on several occasions this year. You get a few strong numbers in Australia and the market has to turn around again.