Mazen Issa, the senior FX strategist at TD Securities, believes that the slew of Fed speeches suggests that easing is imminent, but less propensity to deliver in size.

• “We agree and think the Fed prefers to move in 25bp increments rather than 50bp on a per meeting basis. Suffice to say, a retracement in the scope of implied easing in the curve leaves the USD tactically vulnerable to retrace higher; but this should be viewed as positioning related rather than trend inducing.”