The FX market spent most of the session listening to Fed chair Yellen in N.Y. on Wednesday, who didn't offer up any market shocks to speak of. EUR-USD reversed Tuesday's course through the morning session, unwinding pre-Yellen positioning, while USD-JPY broke through sell stops, on its way to new trend lows of 113.76. USD-CAD dipped to 1.3833 lows as WTI crude spiked over $29/bbl on an EIA reported inventory draw, though as the brief oil rally was sold into, resulting in a drop back under $27.50, USD-CAD advanced to 1.3999 highs. Cable idles between 1.4450 and 1.4500.
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