Minneapolis Fed President Kocherlakota says the Fed funds rate may need to rise 75 basis points late this year. He expects the economy to grow 3%, according to the Wall Street Journal.
To date, he has been pretty moderate, so take this as a sign that the easy money days at the Fed are nearing an end.
USD/JPY is firmer at 83.12 and EUR/USD has fallen back to 1.4188.