Analysts at ANZ explained that it is certainly not a global economic backdrop where one could say that a lot of clarity is on offer at present. Key Quotes: "While that gives economic commentators plenty to ponder and write about, uncertainty is no doubt a little frustrating for investors. In the US, the biggest question remains the timing and magnitude of Fed rate hikes. In the last few days alone it feels like the case has swung from supporting the Fed’s most recent dovishness to opposing it and back to supporting it again. We’ve had St Louis Fed President Bullard talking up the US economy’s prospects and stating that the next rate hike “may not be far off” to San Francisco Fed President Williams being more cautious, noting that “what happens in Brazil or China has a huge impact on the US in terms of our inflation and employment goals”. The data hasn’t really helped with the lack of clarity either. Following the improvement in regional manufacturing surveys (raising hopes that a weak part of the US economy was stabilising), spending data overnight was soft. The inflation backdrop is clouded too, with earlier CPI data a little stronger, but the Fed’s preferred measure undershooting expectations overnight. It is a backdrop that is keeping many on their toes and makes maintaining conviction in views difficult. With Yellen speaking tonight and key data on the calendar for later in the week (ISM, payrolls), there’ll be plenty to ponder." For more information, read our latest forex news.