After New York FED president jolted markets, especially Dollar last night, watch out for speech from Cleveland FED President Loretta J. Mester tonight.

Last night William Dudley's comments that financial conditions have tightened markedly, since the Federal Open Market Committee raised interest rates in December. He also said, if these tightening remain in place by the time central bank meet again in March, then that have to be taken into considerations.

Last night Dollar index dropped 1.6%, marking its 16^th biggest single day drop in past 10 years.

If that was a jolt, then today could be more, if Mester turns out dovish. In her last speech about a month ago, Ms. Mester said, she prefers much quicker pace of hikes. Then she is probably one of those forecasting four or more hikes this year. So if she turns out little more dovish, Dollar could feel another rug pulled from below. Ms. Mester is scheduled to speak at New Yrok at 22:00 GMT.

US investment bank Goldman Sachs today scaled back its hike expectations and backed away from March tightening call.

Dollar index is currently trading at 96.68, down -0.65% today, so far.