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Fed in focus amid duelling FOMC speakers

Stock markets around the world have been steady overnight. The Dax is up 0.25% this morning. Nasdaq futures are up 0.2% trying to claw back some of Monday's losses.

Several of the markets that popped Monday have dropped back in normal trading corrections, but are still above their breakout points. Gold for example is down 0.5% but still above $1,300. WTI crude oil is down 0.4% but still well above $51.50.

The US Dollar is climbing this morning amid a flood of Fed speeches. Yesterday NY Fed President Dudley indicated he sees soft inflation as temporary, hinting toward another rate hike this year, while other regional presidents Bull are and Kashkari disagreed. 

The greenback could be particularly active around Fed Chair Yellen's lunchtime speech.  Before her, Fed Governor Brainard one of the doves at the Fed is speaking. If she hints toward a hike it's pretty much a done deal.  Regional presidents Mester and Bostic are also speaking, so we could see a battle between hawks and doves today. 

Politics and negotiations may also impact for ex trading. NAFTA renegotiations continue which could impact CAD and MXN.  UK PM May is scheduled to talk to EC President Tusk. Ahead of this meeting EUR is underperforming GBP as traders continue to reel from the German elections and prepare for a big fight over Spain's Catalan independence referendum.   

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