The greenback has been the weakest among all the other majors earlier on in the week. We didn’t have any top tier data coming from either the UK and the US apart from Yellen’s speech on monday. The Fed are aiming to ease back significantly this year as they have suggested two additional rate hikes. She mentioned that the Central Bank has shifted from a post-crisis exercise of healing the economy to one aimed at holding in to the progress made so far. From their March meeting minutes the Fed discussed reducing their balance sheet of $4.5 Trillion balance sheet later this year, gradually reversing emergency bond purchases made during the recession and recovery.
– Later on today we have the consumer and producer prices scheduled. This could possibly result in a different direction than I have technically setup to trade this pair.