The S&P 500 is near the highs of the day at 1987 after falling to 1979 on the FOMC minutes.

The better risk appetite is pulling the US dollar away from the highs against the commodity currencies but is keeping USD/JPY supported.

The theme in stocks was to buy any dip ahead of a dovish Yellen but the FX market isn’t quite on the same page. Part of the reason is that even if Yellen is dovish, the Fed overall is still more hawkish than any other major central bank. That said, the dollar has had a good long run and a taking a bit of profit (or selling the dollar) might be a good trade ahead of Yellen.