FOMC members are garnering attention now and Dennis Lockhart’s hawkish comments have driven some direction for traders. Lockhart has historically been towards the dovish end of the spectrum and his comments yesterday suggested that the US economy was ready for a September rate hike. It has been a feature of the markets in recent days in that the dollar has been unable to gain any real traction. This has come as Treasury yields have continued to fall back, a sign of concerns over future growth. However overnight there has been a turnaround in the yields (which have pushed higher again) and this has brought the dollar bulls out of their shells once more as the dollar looks to test key levels across the forex major pairs.
Across forex pairs, the dollar strength seen into the close last night has continued, albeit only slightly. Market sentiment is fairly stable, for now, with Wall Street rather solid despite a third straight day of losses, the S&P 500 was 0.2% lower. Asian markets have been stable overnight, trading mixed to slightly higher. The China Services PMI jumped to 53.8 (from 51.8 last month) and is supportive for risk appetite. European markets are marginally positive in early trading.

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