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 U.S. dollar is climbing this morning amid a flood of Fed speeches. Yesterday, New York Fed President William Dudley indicated he sees soft inflation as temporary, hinting toward another rate hike this year, while other regional presidents James Bullard and Neel Kashkari disagreed.
The greenback could be particularly active around Fed Chair Janet Yellen's lunchtime speech. Before her, Fed Governor Lael 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 Loretta Mester and Raphael Bostic are also speaking, so we could see a battle between hawks and doves today.
Politics and negotiations may also impact forex trading. NAFTA renegotiations continue, which could impact CAD and MXN. U.K. Prime Minister Theresa May is scheduled to talk to European Council President Donald 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.