There is little doubt that the Federal Open Market Committee will leave rates steady at 5.25 percent on Tuesday at 14:15 EST, as Federal Reserve Chairman Ben Bernanke told Congress in mid-July that the central bank is not convinced that the improvements made in lowering inflation can be maintained.

The Chinese yuan gained against the US dollar and British pound as both major currencies fell under increased selling pressure in the overnight session.

The US dollar recovered from strong overnight declines, as a return to risk appetite and a jump in domestic bond yields lent the greenback support through the New York afternoon.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of August 6.

The drop under 117.59 satisfies minimum expectations for a fifth wave in a 5 wave decline for the yen.

Currency markets continued to be skittish at the start of the week, as fears of more turbulence in global equity markets kept the low yielders well bid.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for August 6.

Tim Bourquin interviews David Piscorik, who talks about how he looks at the markets, how he determines trends and whether they are continuing or ending, and how he scans the markets for opportunities each day.

With the economy increasingly looking like it will slow down materially in the last half of the year, there is a drum beat for the Federal Reserve to cut rates. But how likely is a rate cut this year?

Despite a sharp rise in consumer confidence and a drop in average weekly jobless claims, US corporations only added 92k jobs onto their payrolls, which was the weakest level since February 2007 and the third weakest in two years.