USD review

Quotes from RBC Capital Markets:

-USD: The overarching message from Yellen's first day of testimony was essentially neutral, with the key point being that the Fed wants some flexibility around the forward guidance language.

-That is to say, once forward guidance is changed (i.e., "patient" is dropped from the statement), it does not mean a hike will be immediate.

-Overall, our US strategists think this fits with the Fed's dropping "patient" in March and lifting rates in June, and from that point onward the process of continuing normalization will be extremely slow.