Today’s data calendar will include the very important speech from Fed chairwoman Janet Yellen. The speech comes after several Fed members reiterated the high possibility of a summer rate hike which has helped boost the USD against all pairs except the GBP this week. US GDP will also be released. Overall the market has been mixed yesterday with stock markets retreating as oil prices closed negative for the first time in weeks.

Oil and GOLD: Yesterday oil prices breached the $50 level for the first time in 7 months. The price however retreated to $49 towards the end of the day as the $50 price level is a psychological resistance level. Generally, the oil price has gained support over the past days from (1) a lower USD, (2) fading tail risks to the global economy (Brexit probability falling and Greek debtor deal reached) and (3) recent estimates suggesting that the US crude production continues to trend lower. GOLD fell for a 7th consecutive day with the price reaching $1211, down from $1234 earlier in the day. The yellow metal is now headed for the biggest decline in 9 weeks.

Stocks: Wall Street was on consolidation mode with DJIA and S&P 500 indices slipping -0.13% and -0.02% respectively. Carrying forward the sentiment in US, shares in Asia also softened a little as investors await the speech by Fed Chair Janet Yellen.

Currencies: The dollar index was nearly flat at 95.136 .DXY after slipping 0.3 percent overnight, pulling away from a two-month high of 95.661 scaled on Wednesday. It’s poised for a 0.2 percent loss for the week, but up 2.2 percent this month. The greenback had rallied earlier in the week on growing expectations the Federal Reserve will raise interest rates as soon as June or July, supported by a series of comments from Fed officials seemingly backing such a move. EURUSD traded in a 1.1185-1.12 range overnight, while GBPUSD consolidated between 1.4655 and 1.4680. The British Pound weakened slightly yesterday, after a softer than expected UK GDP print. AUDUSD has been trading in a rather tight range this week. It broke back above 0.72 yesterday, but ran out of momentum at 0.7240. Resistance is seen at 0.7260 and 0.73, while support lies at 0.7145 and 0.71. NZDUSD bounced after briefly trading below 0.67 yesterday.