The USD has swung from a pre-market decline of -0.2% to +0.9% in the DXY 96.10s. This is putting some notable pressure on most asset classes, Oil -1.2%, whilst Gold -$2 (earlier +7). The market now awaits the Yellen at 1pm.
A pretty dynamic early swing in the USD.. with the DXY 96s... as I was noting yesterday.
The UUP chart is offering the 25.50s... where there is multiple resistance... that'd equate to DXY 97s.
*to be clear, I do NOT believe a key floor in the USD has been achieved. There still seems a fairly high chance of another wave lower to the DXY 90/89s. That view would get ditched on any daily close in the DXY 101s.
notable weakness, SDRL -3%.. although that is a minor retrace of recent gains.
As for the Yellen later, could she say something stupid to give the market an excuse to snap lower into the weekly close? Sure, but it is a pretty lousy setup for the bears... with a long weekend ahead.