The foreign exchange market is a bit like a soap opera these days. There is a major/macro story arc. Currently that is one of slowing or subdued growth among the major industrialized countries. It is characterized by ongoing but slow recovery from the 2007-2009 financial and economic crisis. And this despite historic amounts of fiscal and monetary stimulus. It is also characterized by weak political institutions and/or leadership. Unelected central bankers have moved into the gap, but they do not have the tools or legitimacy to completed fill the vacuum.
The arc does not change often and rarely rapidly. What does change are the little stories that over time accumulate to shape the larger arc. Here is where I think we are: