The EUR is the strongest. The NZD is the weakest.

As NA traders enter for the day, the EUR is the strongest of the majors, while the NZD is the weakest. The USD is mixed. It is down against the EUR and CHF, up against the GBP and the NZD and little changed against the JPY, CAD and AUD.

The EUR is being driven a lot by the EURGBP today. That pair has pushed higher after breaking above the 0.8588-92 area (old highs on hourly chart). That push has moved the pair back above the 100 day MA at 0.8607. It trades at the high for the day as NA traders enter.

That move is may also be driven by the strength in the EURUSD. The 1.04980-1.0520 area was a strong support level for the EURUSD. We tested the low of that range yesterday and peaked below the level but only by a few pips. The pair consolidated higher in Asian trading. It broken higher in the last few hours of trading. We have just moved above the 100 and 200 hour MAs at the 1.0555-57 area. Stay above is more bullish now.

The changes and ranges are showing the ranges in the majors area a bit confined with all the majors trading below their 22 day average trading ranges. That could lead to an extensions if the trends seen coming into the day keep the respective bullish/bearish bias.

Today, of course, Yellen (at 1 PM ET) and Fischer (at 12:30 PM ET) will be speaking. They are not the only Fed speakers today but do represent the most important. At 10:15 AM Feds Evans speaks in NY and at 12:15 PM ET Feds Powell will speak in Connecticut.

At 9:45 AM ET, The Markit final Services PMI will be released (54.0 est vs 53.9 last) along with the composite index (last 54.3). At 10 AM the ISM non Manufacturing PMI is expected to remain at 56.5.

It is Friday. Lots of key Fed speak after London/European traders have left for the day. So liquidity and event risk will be elevated. That means that positions may be squared up before the risk event and/or there could be more volatile trading as Fischer/Yellen speak. With crosses in play today as well, be on your toes.

US yields are higher today by about 1 to 1.6 bp (10 year is up 1.6 bp to 2.4942, 2 year is up 0.9 bp).

Gold is downs another $4.00 today. Silver got hammered yesterday. It is down -0.20%.WTI crude oil is up $0.27 or +0.49%.