The rates market is seeing a rising possibility of US hikes with four this year now nearly priced in but that dynamic isn't helping the US dollar.

Instead, the dollar is testing the worst levels of the day on a number of fronts. The equity market backdrop is largely neutral and Treasury yields have backed off the post-NFP highs.

So why is the dollar pushing the range?

It's tough to tie it to fundamentals. I think this is a flow-driven move with the rise in the euro looking particularly curious and has now broken to the highest since Monday.

EURUSD hourly

We will hear from the Fed's Barkin at noon ET and Bostic 15 minutes later.