Unless the outcome contains a major negative surprise, the underlying firm tone of the dollar is expected to be sustained, as the market is now betting on continued interest rate hikes in the US.

As long as the current upward momentum remains intact, it would not be a surprise if the dollar moves to test the 120-yen level.

The New Zealand dollar continues to find friends. The less negative tone of the most recent economic data and a growing realization the Reserve Bank will probably not be easing in the near term have lent support.

Market sentiment is a bit negative now, but I'm a long- term bull when it comes to Japanese stocks. Getting away from zero rates will enable monetary policy to return to normal and shows the economy is finally back on track.

Since it's broken through that, that sets a negative tone for the market.

Europe was the major surprise for the month.