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Forex: Fed member speeches in focus

Financial markets are calm this morning on what is likely to be a quiet day for investors with the US, among others, observing the Columbus bank holiday and Japan also enjoying a bank holiday. As a result the economic calendar is very thin with nothing noteworthy to be released but attention should be given to two Federal Reserve members who are due to give speeches today. Both voting members Lockhart and Evans are split in their outlook for the path of monetary policy set by the FOMC with Lockhart having been calling for a hike this year, meanwhile Evans is seen as being more dovish and could be setting out his stall out for keeping rates on hold.

The dollar is certainly acting as if the chances of any hike this year has diminished and the Aussie seems to remain well supported in the near term as commodity prices have stabilised. AUDUSD is at 0.7350 at the time of writing testing new multi-week highs having rallied five days in a row, a run not seen since the Spring of this year.

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