The immediate concern heading into the new week is Monday’s holiday. While US markets will be offline, Asian and European traders can act upon any potential breakouts as there is time to forge significant follow through.

Consumer spending, capital investment and exports will be critical in evaluating the pace of recovery beyond the three months ending in June.

An enduring concern for traders is the stability of Europe's financial markets.

The growth aspect of the dollar outlook is very long term.

This past week’s data further exposed a significant discrepancy between expectations and actual data.

The most immediate threat to the greenback's stability is the intensity and direction of risk appetite.

The health of many Eastern European countries and their banking systems are still a point of contention.

Looking ahead, the dollar will start the new week in a relatively tight range with its most liquid pairings, looking for the fundamental spark that can encourage a breakout and reignite a trend.

The Japanese yen may continue to strengthen against its major counterparts over the following week as market participants curb their appetite for higher risk/reward investments.