Greenback boosted by less-than-dovish.........>

FOREX: Greenback boosted by less-than-dovish Bullard

-Following a sanguine Tuesday European session, the greenback shot higher in US

trading hours as notably dovish Fed member Bullard stated that the situation

"doesn't call for a 50bps cut". If Bullard is not going for 50bps in July,

having been the lone dissenter for a cut at the June FOMC, then which voters

will be? This sent USD/JPY comfortably back above the Y107 mark ahead of the

close, placing all major pairs under pressure. While the speech from Fed Chair

Powell was broadly a reiteration of the Fed decision last week, it helped

underpin further strength in the greenback ahead of the close.

-After five consecutive sessions of gains, GBP/USD snapping the winning streak

Tuesday, falling back through the $1.27 handle as markets looked to book profit

on an impressive recovery rally. The rate remains higher by well over 1.5% from

the recent cycle lows, with the pair returning to neutral.

-Focus Wednesday turns to the RBNZ rate decision, testimony from BoE members

Carney, Cunliffe, Tenreyro and Saunders in front of the Treasury Select

Committee and US durable goods orders for May.