The Japanese Yen remains at the whims of global market risk sentiment, and short-term moves will continue to depend on the trajectory of the S&P 500 and other risk barometers.

Foreseeable highlights in the week ahead include Treasury International Capital (TICs) data, Housing Starts and Building Permits reports, and an end-of-week Existing Home Sales release.

The combination of surprise Bank of England announcements and a data-driven US dollar reversal meant that the GBP/USD finished lower despite sharp equity market rallies.

Can the US Non-Farm Payrolls report and other key data releases finally break us from our recent range?

The economic calendar this week will give us further insight into the U.K. housing market and prevailing credit conditions.

What could force a breakout in the US dollar?

Euro traders will keep a close eye on German ZEW figures as well as Euro Zone Industrial Production.

Euro Zone economic event risk will likely take a backseat to broader financial market flows as the euro/US dollar pair remains tightly correlated to key risky asset classes.

A busy US economic calendar in the week ahead promises potential fundamental impetus for major breakouts.

The British pound finished the week marginally higher against the US dollar, but the GBP/USD's inability to cross above range highs leaves the pair at clear risk for noteworthy reversal.