The United States Federal Reserve meeting will be the main event this week and markets would be looking for the removal of the word ''patient'' from the commentary, Craigs Investment Partners broker Chris Timms said.
If the word was removed, markets would take it as a signal the first interest rate rise would come before the end of the year.
The Fed would also release a new set of economic and financial projections and those should be more upbeat in terms of the labour market, but likely to include lower inflation forecasts.
''Some economists are picking an interest rate hike as early as June, but this looks unlikely, with market prices suggesting a probability of just 19%. The odds improve in September to 48% and 85% in December.''
Those three meetings were the only ones to include a press conference and new economic forecasts and were the only ones in which the Fed could realistically use to introduce its first hike, he said.
Given the low outlook for inflation, and the plethora of central banks elsewhere to have cut rates this year, there was definitely a chance the market had got ahead of itself.
If that was the case, and a more dovish Fed chairwoman Janet Yellen emerged, the US dollar could see a reversal, given how strong it had been, Mr Timms said.
The April 30 meeting was a more likely time for the language change.
Across the Tasman, the release of the Reserve Bank of Australia March meeting minutes today should shed some light on the decision to leave rates on hold, Mr Timms said.
The decision to hold surprised many market participants but the bank also introduced the phrase ''for the time being'' into its commentary.
''We expect these minutes to reflect a dovish RBA, despite rates being left on hold.''
Market pricing for another rate cut at the next RBA meeting on April 7 had fallen to 39% and those minutes would be watched for clues as to when the RBA intended moving again, he said.
It was becoming increasingly harder to keep up with all the interest rate cuts around the world.
A few weeks ago, the headlines were about 17 central banks had cut rates so far in 2015.
''But we're already up to 25 rate cuts now. Last week it was Thailand's central bank cutting rates, followed by South Korea and ...
Russia.''
Those countries joined India, China and Poland which had all cut rates this month. Australia, Sweden and Switzerland had moved earlier in the year.
New Zealand's Reserve Bank was looking more of an outlier by the week for simply being on the fence given the background, Mr Timms said.
Also, Australia, China, India, Switzerland and Sweden were expected to follow up with further easing over the next six months.
''With talk of a Fed rate rise growing, the US is even more out on its own. It's really no surprise the US dollar has been seeing such aggressive moves,'' he said.
