Markets lack any major direction as Europe....>

FOREX: Markets lack any major direction as Europe returns from May Day holiday

-While volumes and participants have returned, price action hasn't and markets

have generally been drifting throughout the European morning ahead of today's

FOMC decision and jobs report on Friday.

-The greenback is modestly weaker against most others, but well within recent

ranges as the USD index holds above the 200-dma. ADP employment data and the

FOMC decision later today will be key for any continuation of the recent trend.

-After touching a YTD low yesterday, AUD has improved slightly today alongside

NZD, with the latter receiving a boost from the mildly stronger earnings data

released late yesterday. Australia's monetary policy statement on Thursday will

dictate direction in the short-term.

-GBP is broadly mixed but higher against both the USD and EUR as April

construction PMI beat expectations despite recent concerns over poor economic

performance that came alongside, and not because of, inclement weather in

February/March.

-ADP employment change, FOMC decision and ECB's Weidmann populate the calendar.