Daily outlook for USD: Lloyds Bank

Quotes from Lloyds Bank:

-Fed Chair Yellen's testimony before the Senate yesterday prompted a general USD sell-off, more so against the commodity currencies, US equities traded higher and US 2y yields traded marginally lower. While markets continue to price in the first rate hike for around Sept, the implied policy rate profile is now less aggressive.  However, we view there was nothing particularly new in her comments to justify this move.

-Yellen is due to testify again today, but we doubt this will garner as much interest given the statement will be the same as yesterday. Instead ECB Draghi's testimony before the European parliament will attract interest. While we do not expect any new information regarding the recent monetary policy action, focus will be on comments around Greece, specifically when the ECB plan to restore full funding access to Greek banks.