All eyes today are on Janet Yellen who is speaking at the Economic Club of New York at 12:20 pm ET. The danger is that she is very balanced/neutral. It’s hard why she would seek to signal the possibility of an imminent rate hike after recent data, but she will clearly want to support the market in pricing-in hikes this year.
Net result, she won’t be much help and we may wait for Friday for economic clues.
My underlying view though, is that while a trundling US economy and a slow-moving Fed make new highs for the dollar unlikely any time soon, we are now in a range for the currency and for that matter in 10-year yields. I’m not instinctively a big buyer of volatility here.
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