Yellen in Focus. As global markets come back after the Easter break, FX traders will be focusing on Fed Chair Yellen’s speech at the Economic Club of New York (17:20 Ldn), while equity traders are met with a sea of red from Asia trading. There is much speculation as to the content of Yellen's speech, given that it was only announced late last week and follows generally hawkish rhetoric from other FOMC members over the last couple of weeks. However, it is unlikely that the Fed Chair will use such a speech to dramatically alter current market pricing. The market has a less than 50/50 chance of a hike priced for June, which seems fair given the softer economic data. Price action across the board has been low volume and stuck in range mostly. USD has not recovered but lost a little more ground on top of US open yesterday. Still most FX pairs do not show signs of a strong trend. Asian emerging markets have started the day strong and are trying to recover lost momentum. EUR has gained some ground back but still remains in ranges. US interest rates have failed to go higher for now and the 10 year yield has collapsed back below 1,9000.