FXstreet.com (Barcelona) - Aside from the data there was a fair amount of Fedspeak yesterday, which on balance was tilted to the more dovish side. Fed Vice Chair Janet Yellen said she favors holding rates "lower for longer". She also said that there was no "pervasive evidence of rapid credit growth" but that there are signs that some parties are reaching for yield which the Fed is monitoring carefully.

“Interestingly, Yellen said the Fed has not taken off the table that it might have to react to an asset bubble. Elsewhere, the NY Fed's Bill Dudley hinted that the labor market had yet to show substantial improvement” notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank. This view, which was shared by the Minneapolis Fed's Kocherlakota who advocated a 5.5% unemployment threshold for the Fed to tighten policy.