Most high-tech companies have forecast a recovery in the second half, but that won't happen if the U.S. economy continues to falter.

Funds with a short-term strategy are moving around. But the lack of visibility in the outlook for Japan's structural reforms and uncertainty over the U.S. economy, U.S. stocks and the attitude of investors there mean longer-term funds sit tight.

Some of the dollar bulls are back out today, albeit a little cautiously, given that we have another important batch of US data coming up later in the session.