Janet Yellen's comments on Tuesday were more dovish than John Hardy and indeed the wider markets were expecting. Saxo Bank's Head of FX Strategy says the US Fed Chairwoman kept the option of a June rate hike more or less open but it now appears we could be looking to September before interest rates are raised.
The USD dipped on Yellen's comments and this Wednesday will be an interesting day, says John, as we look to see whether this dollar weakness will broaden.  John says that if we get another round of weak US data, notably next week, US bulls may end up suffering for some time to come.