First up we have the release of the UK Construction PMI which is an indicator of the construction markets robustness and is regarded as a leading indicator of economic health. Traders watch the figure closely in a bid to determine how optimistic the construction sector is and the likelihood of a more active economy in the future. A better than expected release will see the GBP climb higher while a worse than expected release will see the GBP retrace its recent gains.

The US session begin with the release of the ADP Non-Farm Employment Change figure, expected at 190k, which will be the first look at the payroll data for April as provided by the US`s largest payroll company. The figure represents the estimated change in the number of employed people during the previous month, excluding the farming industry and government and is regarded as an important indicator of the health of the labor market and thus the economy at large. A better than expected release will see the USD strengthen while a worse than expected release will see the USD weaken.

The big finally, which many an investor is looking forward to, is todays Federal Funds Rate and statement out of the US. Should the FED increase rates or imply that future rate hikes will be more aggressive, we would see the USD fly higher with equities and gold tumbling while failure to raise rates or a statement that rates will not be lifted again in the near future, would see the USD tumble as equities and gold find support.

The US news will likely set the precedent for the upcoming week if not month, with only Fridays Non-Farm Employment Change figure having the power to change the post FED trend.