Oil's modest recovery and dovish Fedspeak allowed Wall Street to post strong gains for the first time this year. The dollar initially fell on Bullard's comments, as he dialed down the inflation outlook. This saw seen yields ease some, though for the FX market, the scaling back of rate hike expectations was the main driver. Wall Street liked the news however, and the upturn in risk taking levels eventually saw the greenback move higher. EUR-USD peaked at 1.0917 before falling to 1.0835 lows. USD-JPY meanwhile, based at 117.44, and subsequently rallied to highs of 118.28.
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