The strong upside momentum for the US dollar seen last week is carrying into today's activity. It was firm in the holiday-thinned trading yesterday but has jumped higher today. There are two chief drivers. First, comments by several Fed officials, including Yellen and Fischer, reiterating that the weakness in Q1 was likely transitory, and stronger growth will allow for a rate hike later this year. Fischer, who will speak on the global economy later today, framed the rate hike issue as "early and gradual or late and steep." It seems clear from numerous speeches that at least the Fed's leadership prefers the former ... (full story)